Tabreed reports net profit of AED233.5 million during H1 2021

ABU DHABI, The National Central Cooling Company (Tabreed) today announced its consolidated financial results for the first six months of 2021, reporting a net profit of AED233.5 million – an increase of 4 percent compared to its H1 2020 performance.

As Tabreed has remained focused on achieving its stated objectives, revenue has continued to grow, along with its portfolio of district cooling networks. Recent additions include a fourth plant in Downtown Dubai, along with additional connections to our existing concession areas. Capacity has also increased, in Bahrain and Oman.

The company announced that the group revenue increased by 22 percent to AED869 million compared to AED710 million during H1 2020.

Commenting on the announcement, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said, “Tabreed’s Q1 results are impressive in their own right and set the tone for what will undoubtedly be another historic year for one of the UAE’s most important and influential companies. Our second quarter has proved we are on the right path for sustainable and meaningful growth, maintaining our unwavering focus on quality and customer service by means of careful expansion and commitment to operational excellence, which recently resulted in Tabreed being officially certified to three individual ISO standards on Health and Safety, Environment and Quality.”

Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, said, “The first half of 2021 has shown Tabreed’s steadfast resilience in market conditions that remain challenging due to the continued impact of the pandemic. This has been a busy year for us and we continue to push forward, meeting our goals and exceeding expectations, which is good for everyone, from staff to stakeholders and shareholders, for whom we consistently deliver valuable returns.”

“Tabreed’s portfolio continues to grow through strategic business development that is measured and carefully considered. In the past six months we have increased cooling capacity in three different countries, most notably with the addition of a fourth district cooling plant in Downtown Dubai, which forms part of Tabreed’s acquisition deal with Emaar in April last year.”

Source: Emirates News Agency