National Central Cooling Company, also known as Tabreed, posted a 10 per cent increase in net profit for the first half of 2018 on the back of higher revenues and growing number of customers for its district cooling solutions.
Net profit attributable to the parent reached Dh211.9 million in the first six months of 2018 compared to Dh192.7 million during the same period last year, the company said in a statement on Dubai bourse on Thursday.
Group revenue also increased by 2 per cent to Dh650.7 million in the first half of this year as against Dh639.2 million during the same period last year.
“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,” said Khaled Abdulla Al Qubaisi, Tabreed’s Chairman.
“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.”
Tabreed’s total connected capacity across the Gulf Cooperation Council increased to 1,113,906 Refrigeration Tonnes (RT), with 21,588 RT of new customer connections added in the first half of the year.
Source: Gulf News