UAE-based National Central Cooling Company PJSC (Tabreed) has reported a net profit of AED85.5m ($23.3m) for the first quarter of the year, a 4 percent increase on the opening three months of 2021 (AED82.2m – $22.4m), driven by service quality and taking advantage of growth opportunities, according to chairman Khaled Abdulla Al Qubaisi.
Financial highlights revealed on Sunday show group revenue increased by 21 percent to AED357.6m ($97.4m), up significantly from the AED294.4m ($80.2m) announced in Q1 2020. Core chilled water revenue was up 22 percent to AED339.1m ($92.3m), from AED227.2m ($61.9m) in the first quarter of last year. While profit from operation increased by 28 percent to AED134.6m ($36.7m), (AED104.8m – $28.5m in Q1, 2020).
Al Qubaisi said: “Nobody would dispute that markets remain disrupted all around the world because of the impacts of Covid-19, but Tabreed has never been a company that stands still. These Q1 results are evidence that our unwavering, laser-like focus on customer satisfaction and quality of service, corporate excellence and operational efficiency work together to mean we consistently outperform the targets we’ve set ourselves.
Khaled Abdulla Al Qubaisi, chairman of National Central Cooling Company PJSC (Tabreed)
“Couple this with our continuous seizing of growth opportunities and it’s obvious to all that Tabreed is a true industry leader, rooted in the pursuit of meaningful progress.”
Tabreed provides essential cooling to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Le Louvre Abu Dhabi, Dubai Fountains, Dubai Opera, Dubai Metro and Bahrain Financial Harbour.
Recent acquisitions include the Downtown Dubai district cooling scheme in a long-term partnership with Emaar, as well as Saadiyat Island’s plants, from its long-term partner, Aldar – a deal financially closed in April 2021.
The company owns and operates 86 plants in its portfolio across the GCC, including 73 plants in the United Arab Emirates, three in Saudi Arabia, five in Oman, one in Bahrain, as well as others in the region.
In the first three months of the year, Tabreed’s total connected capacity reached 1,404,611 refrigeration tons (RT), with 492 RT being added in the UAE and 300 RT in Oman.
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