ABU DHABI, (Pakistan Point News - 03rd Nov, 2019) The National Central Cooling Company, Tabreed, released today its consolidated financial results for the first nine months of 2019, reporting an increase of 3.1 percent in the net profit to AED329.1 million.
In a press release issued by Tabreed on Sunday, group revenue increased by 3.5 percent to AED1,127.9 million, compared to AED1,090.0 million in the same period in 2018. Core chilled water revenue increased by 3.8 percent to AED1,073.1 million, compared to AED1,033.7 million in 2018.
EBITDA increased by 11.2 percent to AED562.5 million, in comparison to AED505.9 million last year. Share of results of associates and joint ventures decreased by 1.2 percent to AED69.8 million, while it was AED70.7 million in the same period in 2018.
In the first three quarters of the year, total Group connected capacity across the GCC increased to 1,161,227 Refrigeration Tons, RT, with 29,848 RT of new customer connections added and one new plant in Oman has become fully operational It also contributed to saving 1.56 billion kilowatt/hours across the GCC – enough energy to power approximately 88,846 homes in the UAE annually. These power savings prevented the release into the atmosphere of 932,699 metric tons of carbon dioxide – the equivalent of eliminating the emissions from 202,761 vehicles annually.
The company continues to meet the growing demand for district cooling solutions and has recently commenced supplying 12,000 RT of cooling services to the expansion of the Galleria Mall Al Maryah Island, covering an area of 1.4 million square feet.
Commenting on the company's financial results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said, "Tabreed’s continued growth demonstrates its ability to consistently deliver stable results, drive shareholder value further and reinforce our standing as the leading international district cooling developer. We are committed to providing energy-efficient, cost-effective and environmentally friendly cooling solutions and contribute to the initiatives aimed at reducing carbon footprint in the region and preserving the environment and natural resources for present and future generations."
Bader Al Lamki, Tabreed’s CEO, said, "Tabreed is committed to providing energy-efficient and sustainable cooling solutions that have become an integral part of the infrastructure for major developments across the region. On this front, we are proud to deliver our services to Al Maryah Island and the expansion of the Galleria Mall. This new connection confirms our customers’ trust and confidence in our innovative, efficient and reliable cooling solutions."
