Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Energy and Industry)
Filter PR by
  
Tabreed's H1 2018 Net Profit Increases 10% To AED 211.9 Million
 
2 August, 2018 – Abu Dhabi, United Arab Emirates:   National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, 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.
 
Financial highlights – six months ended 30 June 2018:
  • Net profit attributable to the parent increased by 10 per cent to AED 211.9 million (H1 2017: AED 192.7 million)
  • Group revenue increased by 2 per cent to AED 650.7 million (H1 2017: AED 639.2 million)
  • Core chilled water revenue increased by 2 per cent to AED 617.3 million (H1 2017: AED 602.3 million)
  • EBITDA increased by 6 per cent to AED 326.1 million (H1 2017: AED 308 million)
  • Share of results of associates and joint ventures decreased by 26 per cent to AED 46 million (H1 2017: AED 62.4 million)
Operational highlights – six months ended 30 June 2018:
  • Total Group connected capacity across the GCC increased to 1,113,906 Refrigeration Tons (RT), with 21,588 RT of new customer connections added in the first half of the year across the GCC 
Environmental highlights – six months ended 30 June 2018:
  • Contributed to saving 600 million kilowatt/hour across the GCC – enough energy to power approximately 20,000 homes in the UAE every year
  • These power savings prevented the release into the atmosphere of 300,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 60,000 vehicles annually
Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10 per cent 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.”
 
Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We are now in our 20th year of operation and, year after year, we have demonstrated consistent robust results underpinned by Tabreed’s unwavering focus on growing our core chilled water business which provides sustainable, reliable and cost-effective energy solutions. We continue to strengthen our regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities, resulting in the addition of more landmark projects to our portfolio.”
 
Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region, including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.


Posted by : Dubai PR Network Editorial Team
Viewed 10034 times
PR Category : Energy and Industry
Posted on : Thursday, August 2, 2018  12:45:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Barakah Unit 2 Successfully Completes Significant Pre-Operat...
Next Story : Nawah Energy Company Celebrates the Graduation of 195 ‘Energ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Delightful Duo Of Elegant Timepieces Make For A Special Valentine Day's Gift [15732-Views]
Nothing says ‘I love you' quite like MKS Jewellery Valentine's Day Top Picks [15665-Views]
Mesmerizing Gift Sets and Perfume for Her [14573-Views]
Classic Smoky Eyes with Essence [13042-Views]
Introducing Supergirl Make-Up [12932-Views]
The Rado HyperChrome Ultra Light [12542-Views]
Chronoswiss Shows Off Twin Limited Edition Flying Grand Regulators [12005-Views]
Innovative, Adventurous and Accurate. It's what pilots need in a timepiece. And Hamilton a... [11053-Views]
Le Meridien Al Aqah Beach Resort Rolls out Fabulous Deals for February [10968-Views]
The Valentine watch collection by Coach [10718-Views]
GUESS Launches JEANS SS19 Collection for Women [10577-Views]
212 VIP Extra Limited Edition [10541-Views]
NuFACE launches in Bloomingdales and Harvey Nichols! [7875-Views]
Lenovo announces Lenovo Truscale™ Infrastructure Services – a consumption-based, as-a-serv... [7442-Views]
Chrono 4 Grande Taille Limited Edition - another classy reiteration of an iconic collectio... [6820-Views]
The Fall 2019 Michael Kors Collection Runway Show [6680-Views]
Turkish Airlines introduces its new The LEGO® Movie 2 Inflight Safety Video, before moving... [6558-Views]
Dubai's first building biologist receives global recognition [6307-Views]
Exclusive position in the front row of the grid: The BMW M850i xDrive Coupe First Edition [5588-Views]
Robinsons to launch its new luxury lighting department – the latest addition to its premiu... [5362-Views]
UAE supermarket chain Al Maya group to launch products from Woolworths Australia [5319-Views]
Airbus and Emirates reach agreement on A380 fleet, sign new widebody orders [5307-Views]
Is the runway ready for HONOR View20 Moschino edition - the season's most coveted luxe tec... [5289-Views]
Caroline Wozniacki chasing more success at Dubai Duty Free tennis championships [5283-Views]
Valentines Day Gift Guide from Anker [5228-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories