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| 02 August, 2018

UAE's Tabreed H1 2018 net profit increases 10%

Tabreed has reported a net profit of ten percent to $57.6mln in H1 2018

Labourers walk past a Tabreed building in Dubai March 8, 2010. Tabreed is Middle East's largest district cooling firm.

Labourers walk past a Tabreed building in Dubai March 8, 2010. Tabreed is Middle East's largest district cooling firm.

REUTERS/Jumana El Heloueh

ABU DHABI - National Central Cooling Company, Tabreed, today released its consolidated financial results for the first half of 2018. The company continues to meet the region’s growing demand for district cooling and deliver solid performance and growth.

Tabreed has reported a net profit of ten percent to AED211.9 million in H1 2018, compared to the corresponding 2017 figure of AED192.7 million. Group revenue increased by two percent to AED650.7 million, compared to AED639.2 million in H1 2017.

Core chilled water revenue increased by two percent to AED617.3 million from AED602.3 during the same period last year. EBITDA increased by six percent to AED326.1 million compared to AED308 million last year.

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Share of results of associates and joint ventures decreased by 26 percent to AED46 million compared to AED62.4 million in H1 2017.

Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said, "We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by ten percent over the same period last year.

"Tabreed remains the partner of choice across the GCC for providing energy-efficient, cost effective, and environmentally friendly cooling solutions. We are confident that we will further expand our operations whilst continuing to deliver stable returns to our shareholders."

© Copyright Emirates News Agency (WAM) 2018.