Dubai: Tabreed, one of the region’s largest district cooling companies, has reported an increase in net profit of 20 per cent for the first half of the year, the company said in a statement on Thursday.
Tabreed reported a net profit of Dh192.7 million in the first six months of the year, increasing year-on-year from Dh160.5 million in 2016.
The results were driven by growth in the company’s core chilled water business, with new capacity added across the Gulf Cooperation Council (GCC) in the first half of the year.
Group revenue, too, increased by 10 per cent to Dh639.2 million over the same period from Dh578.6 million in the first half of 2016.
In its second quarter, however, the company reported a 20 per cent year-on-year increase in its profit compared to 2016. Tabreed registered Dh97.7 million in its second quarter in 2016, increasing that to Dh117.5 million this year.
The company’s statement further noted progress in completing the transaction to introduce Engie, a French utilities company, as a new major shareholder of Tabreed.
It was recently announced that Engie will purchase 40 per cent of Tabreed from Mubadala through the conversion of Mubadala’s Mandatory Convertible Bonds (MCBs) and transfer of 1.086 billion shares to Engie. This transaction is expected to complete in the third quarter of 2017 once required regulatory approvals are obtained.
