Dubai: National Central Cooling Company (Tabreed) said on Thursday its net profit attributable to the parent rose 3 per cent to be at Dh153.4 million in the first half to June.
Group revenue increased by 6 per cent to Dh555.3 million compared to Dh526.3 million in the same period last year.
“Tabreed’s consistently strong results are a testament to the company’s stable utility infrastructure business model, which is anchored in a robust core chilled water segment,” Waleed Al Mokarrab Al Muhairi, chairman at Tabreed said in a statement.
The firm’s earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 2 per cent to Dh264.4 million compared to Dh259.9 million in the same period last year, while net finance costs decreased by 7 per cent to Dh60.8 million as a result of the refinancing completed at the end of 2014.
“We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings,” Jasim Husain Thabet, Tabreed’s Chief Executive Officer said.
Shareholders approved a 5 fils dividend and the buy-back of 28 per cent of the bonds held by Mubadala in the first half.
The Group’s total connected capacity across the GCC reached 953,000 refrigerated tonnes (RT), with over 13,700 RT of new customer connections added in the first half of the year. Tabreed has 69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall.
