(MENAFN- Khaleej Times) The National Central Cooling Company, which is popularly known as Tabreed, reported strong profits in the first half of the year on the back of new customer connections as well as improved operating efficiencies and lower finance costs.
Net profit increased by 34 per cent to Dh127.2 million, core chilled water revenue increased by 4.4 per cent to Dh464.8 million and core chilled water profit from operations increased by seven per cent to Dh166.4 million.
In line with expectations as the company continued to phase out its non-core businesses, group revenue declined by 3.6 per cent to Dh497.2 million while net finance costs dropped 13.6 per cent to Dh75.3 million.
In the first half, the company continued to capitalise on cost reductions and efficiencies; 46,000 refrigeration tonnes, or RT, of new customer connections were added across the region while the group's connected capacity across the region reached 813,000RT. In the UAE, connected capacity hit 608,000RT.
Tabreed's chairman Waleed Al Mokarrab Al Muhairi said: "These robust results demonstrate the benefits of the company's steadfast focus on growing our core chilled water business while improving operational efficiency and cost discipline."
"Our energy-efficient, cost-effective and environmentally-friendlier cooling delivers sustainable solutions that help to address the region's energy challenges and contribute to its world-class infrastructure development," he added.
Jasim Thabet, Tabreed's chief executive officer, said: "Our strong financial and operational performance underpins the strength of Tabreed and positions us well on the way to meeting our objectives for the year."
"With connected capacity now reaching a record high of 813,000RT, we are proud to continue to be the world's largest district cooling provider."
Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region's landmark projects including the Shaikh Zayed Grand Mosque, Dubai Metro, World Trade Centre Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl Qatar, and Bahrain Financial Harbour.
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