Abu Dhabi: The National Central Cooling Company, also known as Tabreed, saw its net profit increase by 6 per cent to Dh345 million in 2015, the company announced on Monday.
Tabreed said in a statement that the good performance was driven by its sizeable presence across the Gulf Cooperation Council (GCC) region and by the optimisation of its capital structure, leading to a 19 per cent increase in earnings per share.
Tabreed’s board of directors will recommend an increase to the cash dividends for 2015 to 6 fils per share — up from 5 fils per share for 2014, according to the company.
“Government and private entities across the GCC continue to see the energy and environmental benefits of deploying district cooling technologies for their major infrastructure projects,” Jasim Husain Thabet, Tabreed’s chief executive, said in a statement. “This increased appreciation of the advantages of district cooling over conventional air conditioning is creating new growth opportunities, and has helped our Qatari affiliate, Qatar Cool, win the contract to provide district cooling services to the upcoming Qatar Rail project in Doha.”
Tabreed currently has 69 district cooling plants across the GCC and provides its services to many of the region’s projects, including all the developments on Abu Dhabi’s Al Maryah Island and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall. Other projects include the Shaikh Zayed Grand Mosque, Dubai Metro, the Pearl–Qatar and the Jabal Omar Development Project in Makkah.
