Tabreed announces Dhs224.30m profit in H1

Tabreed, the National Central Cooling Company, released today its consolidated financial results for the first six months of 2020. The company reported in a statement on Sunday a net profit of Dhs224.30 million, driven by the acquisition of its Downtown Dubai district cooling business in a long-term partnership with Emaar, one of the world’s largest real estate companies and a global property developer, to provide up to 235,000 RT of cooling from the largest integrated district cooling scheme in the world to some of Emaar’s most prestigious developments.

Tabreed said that some of its operational highlights for the period ended June 30, 2020, is group revenue increased by 6 per cent to Dhs710.02 million (H1 2019: Dhs671.94 million) and that core chilled water revenue increased by 7 per cent to Dhs 681.17 million (H1 2019: Dhs634.43 million). Ebitda, the company said, increased by 14 per cent to Dhs415.4 million (H1 2019: Dhs 366 million) and that share of results of associates and joint ventures decreased by 42 per cent to Dhs23.37 million (H1 2019: Dhs40.22 million).

Meanwhile, some of the operational highlights of the same period was that total Group connected capacity across the GCC increased to 1.342 million refrigeration tonnes, RT, with 160,000 RT of new customer connections added in the first half of the year, as follows:150,000 RT in the UAE and 10,000 RT outside the UAE.

Tabreed’s energy efficient services prevented the release of 500,669 metric tonnes of carbon dioxide into the atmosphere over the course of the last 6 months, the company included as its environmental highlights.

WAM