Tabreed Q3 profit grows 13 pc to AED370 mn

Total connected capacity grows to 1352.4K RT

Renji C

DUBAI/November 12-2020: National Central Cooling Company Tabreed), the leading UAE-based international district cooling developer, reported a third quarter net profit of AED370 million, increasing 13 per cent year-on-year (YoY) from the same period in 2019.

The total revenue also increased by 12 per cent YoY, to AED1.258 billion. A company statement noted that the results demonstrated Tabreed’s flexible and dynamic strategy that adapted well ensuring business continuity and pursuing growth.

The company said it has proceeded to take every precaution to ensure its services remain uninterrupted, whilst also adopting industry-leading health and safety practices and sanitisation programmes to ensure the safety of its staff, customers and suppliers.

EBITDA up 20 pc

The EBITDA for the period under review increased by 20 per cent to AED677 million compared with AED563 million), a year earlier. The share of results of associates and joint ventures decreased by 17 per cent to AED58 million compared with AED70 million a year ago.

The group’s total connected capacity across the GCC increased to 1352.4k Refrigeration Tons (RT), with 169.7 RT of new customer connections getting added in the first nine months of the year.

Khaled Abdulla Al Qubaisi (seen in the picture), Tabreed’s Chairman, noted that the company’s resilience and agility to adjust to the unique operating environment this year is not only demonstrated in its current results, but also in the company’s continued focus on advancing solutions.

Bader Al Lamki, Tabreed’s Chief Executive Officer, said that Tabreed remains well positioned from an operational and capital perspective despite the uncertainties and challenges brought on by this year’s events, as reflected by the resilient and strong performance.

Long-term plans

“In turn, we are making progress on executing on our long-term plans, including investing in infrastructure, and deploying capital in attractive long-term opportunities,” Al Lamki said.

Last month, Tabreed raised $500 million (Dh1.8 billion) through a seven-year, 2.5 per cent-coupon bond issuance.

The issuance was oversubscribed almost five times at its initial size of $400 million, which demonstrates international investors’ confidence in Tabreed’s past and future performance.

For over 22 years, Tabreed has been the partner of choice for organisations seeking environment- friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint.

83 plants

With 83 district cooling plants, Tabreed currently delivers over 1.352 million refrigeration tons to key developments, including iconic developments such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour (BFH) and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia (KSA).

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