Tabreed first-quarter profit advances

10/05/2017 07:58 AST

The National Central Cooling Company, or Tabreed, said yesterday that its first-quarter net profit advanced 19 per cent on the back of an expansion of its cooling services across the region.

The company, in which Abu Dhabi-owned Mubadala Investment Company has a stake, also said that it appointed Khaled Abdulla Al Qubaisi as chairman to replace Waleed Al Mokarrab Al Muhairi.

Net profit attributable to the parent rose to Dh75.4 million from Dh63.4m, the company said. Core chilled water revenue increased by 15 per cent to Dh255.2m compared with Dh222.3m in the same period last year. The company said that in the first quarter it added more than 20,000 refrigerated tonnes out of which 16,227 refrigerated tonnes were in the United Arab Emirates and 3,800 refrigerated tonnes in Qatar.

"The 19 per cent increase in our net profit for Q1 2017 highlights the strengths of our core chilled water business, which continues to grow as a result of the new projects coming on line to supplement our strong existing operations across the GCC," Mr Al Qubaisi said.

"Tabreed’s priority going forward continues to be delivering stable returns to shareholders, while expanding our operations throughout the GCC to boost the company’s long-term growth and success."

Tabreed’s services cool Abu Dhabi’s Al Maryah Island, where Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market are located.

It also chills developments on Yas Island such as Ferrari World, Yas Marina Circuit, Yas Mall as well as other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro and Dubai Parks & Resorts.

The National