Abu Dhabi: National Central Cooling Company, Tabreed posted 8 per cent increase in net profit for the third quarter of this year due to increase in the number of new connections across the region.
The Abu Dhabi based company posted a net profit of Dh290.4 million for the third quarter of 2017 compared to Dh269.3 million during the same period last year.
Group revenue increased by 9 per cent to Dh1049.1 million compared to Dh960.3 million reported in the third quarter of 2016.
Total group connected capacity across the GCC reached 1,086,610 refrigerated tonnes (RT) with 38,199 RT of new customer connections added in the first nine months
“Our ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions. At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Shari’a compliant, which should contribute to an expanded shareholder base,” Jasim Husain Thabet, Tabreed’s Chief Executive Officer said in a statement.
With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tonnes to key developments in the region including Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, among others.
