Tabreed’s first-quarter profit rises on higher revenue

District cooling company reports $24m profit during the period

Tabreed reported a 17 per cent jump in its first-quarter revenue to Dh420 million. Reuters

The National Central Cooling Company, better known as Tabreed, reported a 3 per cent increase in its first-quarter profit on the back of higher revenue.

The total profit attributable to equity holders of the parent company for the three months to the end of March climbed to Dh88 million ($24m), Tabreed said in a statement to the Dubai Financial Market, where its shares are traded. Revenue jumped 17 per cent annually to Dh420m.

“We’re expanding our portfolio and entering new territories, with our recently announced partnership with the International Finance Corporation set to redefine Tabreed’s geographical reach and impact,” said Khaled Al Qubaisi, Tabreed’s chairman.

“And closer to home we will