Tabreed sees 21% jump in profits in third quarter

Dubai: Dubai-listed National Central Cooling Company (Tabreed) reported a 21 per cent jump in its net profit for the third quarter of 2019 as revenues rose.

Profits attributable to the parent company reached Dh129.7 million, bringing profits for the first nine months of the year to Dh329.1 million, up 3 per cent year-on-year.

The increase in earnings came as Tabreed grew its capacity across the GCC, adding 29,848 Refrigeration Tonnes of new capacity in the first nine months of 2019 as it widened its customer base and added a new plant in Oman.

The increased capacity brought in more revenues, which reached Dh456 million in the third quarter, up 3.8 per cent year-on-year. Revenues for the January-to-September period grew 3.5 per cent to Dh1.1 billion.

Bader Al Lamki, chief executive officer of Tabreed, said that growth in capacity allowed the company to deliver returns in the past quarter. He added that the current financial position allows Tabreed to capitalise on growth opportunities.