Abu Dhabi: Tabreed, also known as National Central Cooling Company, reported on Monday a six per cent increase in its profit for 2016 to reach Dh367 million as it added new cooling capacity and acquired a plant from International Capital Trading in Abu Dhabi.
Revenue also increased by six per cent to reach Dh1.28 billion last year compared to Dh1.2 billion in 2015.
In 2016, Tabreed added 74,034 refrigerated tonnes (RT) to its cooling capacity during the year through the completion of projects such as Dubai Parks and Resorts and the acquisition of a plant from International Capital Trading (ICT) in Abu Dhabi. Total group connected capacity crossed one million RT milestone last year.
According to the company, 62,496 RT of new customer connections made to major regional projects, including Dubai Parks and Resorts in Dubai and Jabal Omar Development Project in the Holy City of Mecca and 11,538 RT added following acquisition of ICT’s district cooling plant in Abu Dhabi.
Tabreed also signed new concession for 35,000 RT to supply cooling to King Khalid International Airport in Riyadh, Saudi Arabia last year.
“We have some strong financial results. Both our revenue and profit increased by six per cent last year. As a result we will recommend increasing cash dividends for 2016 to 6.5 fils per share up from 6 fils per share for 2015,” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, told Gulf News.
He said they are very optimistic to continue the growth momentum in 2017 as they work on new projects.
“We have signed concession for King Khalid International Airport in Riyadh and we are close to completing the construction of fourth plant in Qatar for another 35,000 RT. We are working on several opportunities currently,” he added.
