District cooling firm Tabreed has recorded a net profit of AED233.5 million ($63.4 million) in the first half of 2021, indicating a 4 percent increase from the year-earlier period.
The company has recently added a fourth plant in Downtown Dubai while capacity has also increased in Oman and Bahrain.
“In the past six months we have increased cooling capacity in three different countries, most notably with the addition of a fourth district cooling plant in Downtown Dubai, which forms part of Tabreed’s acquisition deal with Emaar in April last year,” Tabreed’s chief executive officer Khalid Abdullah Al Marzooqi commented.
“This is a remarkable plant with state-of-the-art infrastructure and a central control room for monitoring and controlling the entire network in Downtown Dubai, further strengthening Tabreed’s reputation as a company that is lean, agile, efficient, reliable and progressive.”
The consolidated financial results for H1 2021 showed promising growth for the company in a number of sectors, a statement from the company said.
Tabreed’s report showed a group revenue increase of 22 percent to AED869m from AED710m in H1 2020.
Core chilled water revenue rose to AED832.1m, showing a 22 percent increase from H1 2020 when it totalled AED681.2m.
Tabreed continues its success!
H1 2021 results show a net profit of AED 233.5 million, up 4% compared to the same period in 2020, and operations remain robust during continuously challenging market conditions.#Tabreed #resilient #operational_excellence pic.twitter.com/JldKW4DraI
— Tabreed (@Tabreed) August 11, 2021
Share of results of associates and joint ventures rose from AED18.2m in H1 2020 to AED24.9m in H1 2021—a 37 percent increase.
Profit from operation increased by 40 percent to AED326m from AED232.8m in H1 2020.
Net profit attributable to the parent totalled AED233.5m, indicating a 4 percent increase from its AED224.3m in H1 2020.
“Our second quarter has proved we are on the right path for sustainable and meaningful growth, maintaining our unwavering focus on quality and customer service by means of careful expansion and commitment to operational excellence, which recently resulted in Tabreed being officially certified to three individual ISO standards on Health and Safety, Environment and Quality,” Tabreed’s chairman Khaled Abdulla Al Qubaisi said.
Khaled Abdulla Al Qubaisi, chairman of Tabreed.
He continued: “We are also building on the foundations laid by our recent corporate rebranding, making good on our plans to reach a more global audience and playing an ever more important role in the UAE’s ambitious plans for carbon neutrality.”
In addition to financial gains, Tabreed also boasted substantial operational gains.
The company’s total connected capacity reached 1,417,179 refrigeration tons (RT). 12,650 RT were added in the UAE, 410 RT were added in Bahrain and 300 RT were added in Oman.
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