Tabreed reports AED85.5 million net profit in Q1’21

ABU DHABI, The National Central Cooling Company PJSC (DFM: Tabreed), headquartered in the UAE, today released its consolidated financial results for the first three months of 2021, reporting a net profit of AED 85.5 million, a YoY growth of 4 percent.

Despite ongoing, significant market challenges, both regionally and internationally as a result of the global pandemic, Tabreed’s revenue has continued to grow, along with its portfolio of district cooling networks. Recent acquisitions include the Downtown Dubai district cooling scheme in a long-term partnership with Emaar, as well as Saadiyat Island’s plants, from its long-term partner, Aldar – a deal financially closed in April 2021.

In a statement today, it said the group’s revenue increased YoY by 21 percent to AED357.6 million. Core chilled water revenue increased by 22 percent to AED339.1 million and EBITDA rose by 28 percent to AED 226.8 million.

Operating profit increased by 28 percent to AED134.6 million and net profit attributable to the parent is up 4 percent to AED85.5 million.

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Nobody would dispute that markets remain disrupted all around the world because of the impacts of Covid-19, but Tabreed has never been a company that stands still. These Q1 results are evidence that our unwavering, laser-like focus on customer satisfaction and quality of service, corporate excellence and operational efficiency work together to mean we consistently outperform the targets we’ve set ourselves. Couple this with our continuous seizing of growth opportunities and it’s obvious to all that Tabreed is a true industry leader, rooted in the pursuit of meaningful progress.”

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “The first quarter results of 2021 have shown that ours is a business that continues to make strides and the recent unveiling of Tabreed’s new corporate brand could not have been better timed. As our branding proudly states, we are ‘Essential for Progress’ – we facilitate change and enable our customers to prosper and grow, too. But progress is about more than revenue; it’s also about how we take care of our own and, in this, Tabreed is setting new standards, energetically embracing diversity in our human capital with initiatives such as Tabreed Cares and Women in Tabreed.

“We also continue to see positive results from our extensive involvement in the UAE’s push for sustainability. Our plants are modern, clean, efficient, reliable and instrumental in reducing environmental impact. That’s undoubtedly good for business and we’re at the very heart of this progressive country’s green agenda.”

Source: Emirates News Agency