Tabreed provides cooling systems to residential and commercial properties in the Gulf region, including Dubai’s metro network. Image Credit: Gulf News Archives

Dubai: The National Central Cooling Company (Tabreed), which provides cooling systems to residential and commercial properties in the Gulf region, reported on Thursday a seven per cent rise in net profits for 2018.

The UAE-based cooling provider said that its net profit for the fully year rose to Dh427.6 million.

With the positive results, the company’s board of directors recommended a cash dividend for 2018 of 9.5 fils per share, up from 8 fils per share that was paid last year.

Tabreed announced a number of significant achievements during 2018, in addition to celebrating its 20th anniversary.

During the year, Tabreed acquired 50 per cent of S&T Cool District Cooling Company, a major district cooling provider on Reem Island in Abu Dhabi, from Aldar Properties.

Tabreed also sold part of its stake in its associate, Saudi Tabreed, to the IDB Infrastructure Fund II. Tabreed also added 39,061 RT of new customer connections across the GCC and secured a deal with Warner Bros. World Abu Dhabi theme park, which opened on Yas Island in July 2018.

The company also successfully issued a S$500 million sukuk with a seven-year tenor, which was 50 per cent oversubscribed, reflecting strong demand from local and international investors.

It received investment grade credit ratings from Moody’s and Fitch of Baa3 and BBB respectively.

“These consistently strong results, new sukuk and new bank facilities of up to Dh 1.5 billion reinforce Tabreed’s strong business model and solid funding base, positioning it well for future growth,” the company said in a statement.