The district cooling services provider Tabreed is scouting for acquisitions to grow the business inside and outside the Gulf markets.
“Mergers and acquisitions are something that’s on our mind — if there is a right opportunity, we will pursue that if it gives value to shareholders,” said Jasim Thabet. “In 2018, we announced the acquisition of 50 per cent in S&T from Aldar in Abu Dhabi.”
Tabreed on Thursday posted net profits of Dh427.6 million, a gain of 7 per cent over the Dh400.1 million in 2017. Revenues were up 3 per cent to Dh1.44 billion last year as against Dh1.39 billion in 2017. The board will recommend increasing cash dividends to 9.5 fils at the upcoming annual general assembly.
The company attributed the strong performance to increases in the number of new connections across Gulf markets, resulting in the delivery of over 1.1 million refrigeration tonnes of cooling capacity. “I am optimistic about 2019 and beyond as economic diversification in the GCC and increasing urbanisation drives investment in high-density developments,” said Khaled Abdullah Al Qubaisi, the Chairman, in a statement.