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ABU DHABI / WAM
The National Central Cooling Company (Tabreed) released on Thursday its consolidated financial results for the first three months of 2020, reporting net profit of AE 82.2 million, an increase of three percent compared to its 2019 Q1 performance.
The company said in a statement that it has taken every precaution to ensure continuous uninterrupted service is maintained to all of its customers during the pandemic, while also adopting industry-leading health and safety practices and sanitisation programmes to ensure the safety of its staff during these challenging times.
Among the first quarter financial results issued by the company is a one percent decrease in revenue driven by results from value chain businesses, gross margins marginally up on prior year at 55 percent, finance costs down due to lower rates, and chilled water revenue in line with prior year.
Tabreed added that there was an increase in administrative and other expenses mainly from a provision of AED10 million on receivables due to impact of Covid-19 offset by cost savings, and that Ebitda increased by five percent to AED178.2 million, compared to AED170.2 million for the same period last year.
Some of the operational highlights of the same period, the company said, include that staff were successfully rotated to ensure at least 50 percent of workers were on call at any given time, and that the management was able to mitigate the threat of the virus by ensuring that services were maintained with minimal staff interaction and exposure.
The environmental highlights include that Tabreed’s energy efficient services prevented the release of 1,233,000 metric tons of carbon dioxide into the atmosphere over the course of the previous year – the equivalent of eliminating the emissions from 268,000 vehicles.
Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented, “Tabreed’s first quarter financial results demonstrate the resilience of our operational capabilities, proving that we are still able to deliver essential, efficient and reliable services to our customers as we collectively navigate through these challenging times.”
“Tabreed has successfully continued to deliver efficient and cost-effective cooling solutions, minimising the potential for a disruption to the service through working remotely and safely in cooperation with our highly qualified and dedicated employees. Our facilities are 100 percent operational and we are taking all possible measures to ensure we maintain this service level while ensuring the health and safety of all that interact with our facilities,” he added.
