Abu Dhabi
National Central Cooling Company (Tabreed) posted a net profit of Dh75.4 million for the first quarter of 2017, up 19 per cent compared to Dh63.4 million during the same period last year. The company attributed the increase in profit to new connections made last year in addition to over 20,000 Refrigerated Tons (RT) added during first quarter of this year.
Group revenue went up by six per cent to Dh270.2 million in the first quarter of 2017 compared to Dh255.5 million in the first quarter of 2016. Earnings per share also increased by 19 per cent to Dh0.03, the company said in a statement on Dubai bourse on Tuesday.
Total group connected capacity across the GCC (Gulf Cooperation Council) totalled 1,068,438 RT with 20,027 RT added in the first quarter of this year, including 16,227 RT in the UAE and 3,800 RT in Qatar.
Tabreed’s Board of Directors also appointed Khaled Abdulla Al Qubaisi as Tabreed’s chairman succeeding Waleed Al Mokarrab Al Muhairi who guided the company through its recapitalisation and return to profitability.
“The 19 per cent increase in our net profit for Q1 2017 highlights the strength of our core chilled water business, which continues to grow as a result of the new projects coming on line to supplement our strong existing operations across the GCC,” Al Qubaisi said in a statement. “Tabreed’s priority going forward continues to be delivering stable returns to shareholders, while expanding our operations throughout the GCC to boost the company’s long term growth and success.”
Jasim Hussain Thabet, Tabreed’s Chief Executive Officer, said during the first quarter of this year, Tabreed added to its portfolio of landmark projects it supports with the acquisition of ICT’s district cooling plant which provides cooling to the Nation Towers in Abu Dhabi. “We strive to strengthen our presence in the region by building strategic partnerships with leading private and government entities, and delivering innovative district cooling solutions to our customers.”
