Abu Dhabi: National Central Cooling Company (Tabreed) reported 3.1 per cent increase in net profit in the first quarter of 2018 as it delieverd strong performance from its 72 district cooling plants across the Gulf.

In the first quarter of 2018, net profit of the Dubai-listed firm reached Dh77.7 million compared to Dh75.4 million in the first quarter of 2017.

Group revenue increased by 2 per cent to Dh274.4 million in the first quarter of this year compared to Dh270.2 million during the same period last year.

“This is another strong set of results, further reinforcing the company’s market leading position and the strength of its business model. Our core chilled water business is the fulcrum of this model and continues to support the delivery of stable shareholder returns, which remains our top priority,” Khaled Abdullah Al Qubaisi, Tabreed’s Chairman, said in a statement on Thursday.

“We are confident of continuing to deliver growth as we further expand our operations and look forward to reporting progress through the current financial year.”

Pilot project

The quarter also saw Tabreed acquiring 50 per cent of S&T Cool District Cooling Company on Reem Island in Abu Dhabi to become its sole owner. The plant has connected capacity of over 32,000 RT and is the sixth plant in Tabreed’s portfolio providing district cooling to Aldar developments.

It also completed three-year pilot project to develop digital smart controller technology to intelligently manage district cooling plants to improve operational performance by decreasing energy consumption.

Tabreed currently delivers over 1 million refrigeration tons of cooling capacity to many developments in the region including Abu Dhabi’s Al Maryah Island, Yas Island, Shaikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts and the Jabal Omar Development in Mecca in Saudi Arabia.

“We remain alert to all opportunities that can add value to our own business and also enhance our customers’ ability to reduce their energy consumption,” stated Jasem Hussain Thabet, Tabreed’s Chief Executive Officer.