Tabreed’s net profit reaches AED 160.5mn in first half

Abu Dhabi / Emirates Business

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling utility infrastructure company, today released its 2016 first half consolidated financial results. The company continues to deliver a consistent performance driven by its core chilled water business and its strong regional presence.
Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “As a utility company, Tabreed benefits from having long-term contracts with blue-chip entities across the GCC, enabling us to consistently deliver strong results, even in today’s current economic environment. Tabreed’s first half net profit of AED 160.5 million represents the best first half performance in the company’s 18 year history, further underlining our robust business model and stable revenue stream.”
“Tabreed continues to focus on enhancing shareholder value, with earnings per share increasing by 34 per cent compared to the same period last year.”
Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has a sizable presence across several GCC markets, primarily among them the UAE, Saudi Arabia and Qatar. Across the five countries we operate in, we now deliver over 980,000 RT to many of those nations’ high profile and critical infrastructure projects.”
“Tabreed continues to leverage its regional footprint, with profit from our associates and joint ventures increasing by 45 per cent to AED 48.2 million.”
Today, Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island.