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Thu 7 May 2020 02:09 PM

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Tabreed reveals $22.4m net profit for Q1

Abu Dhabi-based outfit saw EBITDA increase by five percent to $48.5m

Tabreed reveals $22.4m net profit for Q1

Tabreed currently delivers over 1.338 million refrigeration tons to key developments across the UAE as well as Bahrain and Saudi Arabia.

Abu Dhabi-based National Central Cooling Company (Tabreed) has revealed a three percent increase in net profit for the first quarter of the year, to AED82.2 million ($22.4m), compared to the same period in 2019.

Despite the onset of coronavirus, Tabreed saw its EBITDA increase by five percent to AED178.2m ($48.5m) as opposed to AED170.2m ($46.3m) for Q1 2019.

However, according to a release from the company, revenue dropped by one percent, “driven by results from value chain businesses”.

Khaled Abdulla Al Qubaisi, Tabreed chairman, said: “Tabreed’s first quarter financial results demonstrate the resilience of our operational capabilities, proving that we are still able to deliver essential, efficient and reliable services to our customers as we collectively navigate through these challenging times.”

The DFM-listed provider acquired 80 percent of Emaar Properties' district cooling business in a $675m deal last month, meaning it will provide its service to developments including the Burj Khalifa and Dubai Mall, the world’s tallest tower and shopping mall, respectively.

The company revealed an increase in administrative and other expenses, mainly from a provision of AED10m ($2.7m) on “receivables” due to the impact of Covid-19, offset by cost savings.

Khaled Abdulla Al Qubaisi, Tabreed chairman, said: “Tabreed’s first quarter financial results demonstrate the resilience of our operational capabilities, proving that we are still able to deliver essential, efficient and reliable services to our customers as we collectively navigate through these challenging times.”

With 83 district cooling plants, Tabreed currently delivers over 1.338 million refrigeration tons to key developments across the UAE as well as Bahrain and Saudi Arabia.

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