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Sun 26 Jul 2020 05:14 PM

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District cooling firm Tabreed reports 13% profit increase for H1

Partnership with Emaar to supply cooling services to some of the developer's landmark projects bolstered Tabreed's performance

District cooling firm Tabreed reports 13% profit increase for H1

Tabreed reported a 13% increase in first half profits, driven by the acquisition of an 80% stake in Downtown Dubai district cooling business from Emaar in Q2 this year.

The company reported net profit of AED224.3m (up from AED199.36m), while revenue increased by 6%, to AED710.02m in H1 2020.

Its core chilled water revenue increased by 7% to AED 681.17 million (H1 2019: AED 634.43 million) and its EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 14% to AED 415.4 million (H1 2019: AED 366 million). However, its share of results of associates and joint ventures decreased by 42% to AED23.37m as compared to AED40.22m H1 2019.

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “We have achieved consistent progress on our sustainability targets this year and, as we look ahead, we will continue to harness our operational knowledge and capabilities towards continued growth with an ongoing contribution to the region’s sustainable development.”

Bader Al Lamki, Tabreed’s chief executive officer, said: “Moving forward, we remain well-positioned to continue to capture growth opportunities despite the unprecedented global pandemic, in large part thanks to the efforts of the leadership of the emirates of both Abu Dhabi and Dubai, who ensured that vital operations like Tabreed’s were supported, whilst also prioritising the health and safety of residents and citizens.”

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