Tabreed reports net profit of Dh472.2 million in 2019

Abu Dhabi: The National Centre Cooling Company — Tabreed — on Tuesday disclosed their financial results for 2019 reporting a net profit increase of 11 per cent to Dh472.5 million.

The company’s audited report also showed group revenue at Dh1.5 billion, representing a five per cent increase from the previous year, with the company adding six new plants to its operations last year.

“Tabreed has become an international powerhouse in district cooling, with 80 plants and investments in six countries. Our financial and operational achievements this past year allowed us to achieve a staggering AED 472.5 million … which demonstrates our exceptional strength within the market,” said Khalid Abdulla Al Qubaisi, Tabreed’s chairman, commenting on the group’s healthy financial results.

“For 2020 and beyond, I am confident about our ability to further contribute to the region’s sustainable development as urbanisation continues to drive investment into high-density developments,” he added.

Operational highlights from the company included total group connected capacity across the GCC increasing by 1,182,715 refrigeration tonnes, with 51,336 refrigeration tonnes of new customer connections added in 2019.

The group’s sustainability efforts also contributed to saving 2.06 billion kilowatt/hours across the GCC — enough energy to power 117,500 homes in the UAE. Its power saving efforts prevented the release of 1.23 million metric tonnes of carbon dioxide from the atmosphere.

Expansion

Bader Al Lamki, chief executive officer at Tabreed, said the company was looking to expand its operations in 2020 in markets, including the GCC, Egypt and India.

“Our goal is to strengthen our footprint in the markets we are already operating in as well as exploring new markets. India remains a high priority, we did our first investment there last year but that was just the starting point.

“We’re also looking at Egypt, which is currently experiencing economic growth along with economic stability, and so we are interested in developing projects over there and being the partner of choice,” he added.

“We also increased our stake in Saudi Tabreed last year by eight 8 per cent, and this is underpinned by our belief that the Saudi market is a very strong and relevant one for us to be involved with. We’re committed to strengthening our existing operations in Saudi Arabia in 2020,” he said.