ABU DHABI, UAE: National Central Cooling Company (Tabreed), the leading UAE-based regional district cooling utility company, released its 2019 first quarter consolidated financial results, whereby net profit attributable to the parent increased by 3.0 percent to AED 80.0 million (Q1 2018: AED 77.7 million).[the_ad id=”31605″]The company continues to deliver strong and consistent performance from its 74 district cooling plants across the GCC, which provide over 1.1 million refrigeration tons (RT) of cooling capacity for customers in five countries.
Group revenue increased by 8 percent to AED 296.8 million for the quarter ended March 31, 2019; Core chilled water revenue increased by 7 percent to AED 276.1 million; EBITDA increased by 15 percent to AED 170.2 million; Share of results of associates and joint ventures decreased by 29 percent to AED 15.5 million.
During the quarter the Group signed a 30 year concession for the new Andhra Pradesh Capital City in India, which was a significant step for Tabreed to penetrate one of the world’s biggest and fastest growing markets
Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Our strong first quarter builds on a solid 2018, during which we continued to build on our reputation as one of the UAE’s strongest and most successful businesses. We are proud to now be pioneering district cooling in India alongside our established presence in the UAE and the GCC. Looking to the future, continued economic diversification in the GCC, its expanding population, and increasing urbanization will drive further investment in high-density developments, and district cooling is a core component of such investment. Tabreed’s new CEO, Bader Al Lamki, brings a track record of success and is well-placed to guide Tabreed’s next stage of growth and further drive our operational and financial performance.”