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27 August 12:00 AM

Tabreed reports solid results for H1 with underlying net

The National Central Cooling Company released today its consolidated financial results for the first half of 2019. The company continues to meet the region’s growing demand for district cooling and delivers solid performance and growth.

Among the financial highlights – six months ended 30 June 2019, include group revenue increased by 3% to AED 671.9 million (H1 2018: AED 650.7 million), core chilled water revenue increased by 3% to AED 634.4 million (H1 2018: AED 617.3 million), EBITDA increased by 12% to AED 366.0 million (H1 2018: AED 326.1 million), net profit attributable to the parent was AED 199.4 million, an increase of 11% on H1 2018, when the latter is adjusted for the profit from partial sale of Saudi Tabreed that occurred in the first half of last year, and share of results of associates and joint ventures decreased by 13% to AED 40.2 million (H1 2018: AED 46.0 million).

The compnay's operational highlights during the same period, is that the total group connected capacity across the GCC increased to 1,145,847 Refrigeration Tons (RT), with 14,468 RT of new customer connections added in the first half of the year - (6,068 RT in the UAE and 8,400 RT in Oman as a new plant came into service). 

Environmental highlights, also for six months ended 30 June 2018, are that 656 million kilowatt hours was saved across the GCC – enough energy to power approximately 37,368 homes in the UAE, and that these power savings prevented the release of 392,000 tons of carbon dioxide into the atmosphere – the equivalent of eliminating the emissions of 85,279 vehicles annually. 

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented, "Tabreed delivered another quarter of stable results and reported a net profit of AED 199.4 million driven by its core chilled water business. Tabreed's continuous growth reinforces our position as a leading district cooling company and retains the confidence of our shareholders in delivering consistent results and tangible returns." 

Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said, "On the operational side, we commissioned a new district cooling plant in Oman to serve the Mall of Muscat with a contracted capacity of 8,400 RT. This takes our total number of operational plants to 75."

With 74 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, Abu Dhabi’s Al Maryah Island, Yas Island, and the Jabal Omar Development in Mecca, Saudi Arabia.

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