Tabreed reports Dh224.3 million first half 2020 net profit

Dubai: National Central Cooling Company PJSC (Tabreed) on Sunday reported a net profit of Dh224.3 million in the first half of 2020 up 13 per cent year on year.

The company said its first half profits were driven by the acquisition of its Downtown Dubai district cooling business in a long-term partnership with Emaar to provide up to 235,000 RT of cooling.

Group revenue increased by 6 per cent to Dh710.02 million compared to Dh671.94 million. While the core chilled water revenue increased by 7 per cent to Dh681.17 million compared to Dh634.43 million in the same period last year Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 8 per cent to Dh438.80 million compared to Dh406.18 million reported in the first half of last year.

Share of results of associates and joint ventures decreased by 42 per cent to Dh23.37 million.

“Tabreed’s ongoing growth reflects our commitment to meet the region’s growing demand for energy efficient and environmentally-friendly cooling solutions. We have achieved consistent progress on our sustainability targets this year and, as we look ahead, we will continue to harness our operational knowledge and capabilities towards continued growth with an ongoing contribution to the region’s sustainable development,” said Khaled Abdulla Al Qubaisi, Tabreed’s Chairman.