The National Central Cooling Company, also known as Tabreed, acquired an additional 8 percent stake in Saudi Tabreed, for 129 million Saudi riyals (Dh126.3m), which boosts its stake in the entity to 28 per cent, the company said on Saturday.
Saudi Tabreed – jointly owned by Vision Invest, IDB Infrastructure Fund II of the Public Investment Fund, the sovereign wealth fund of Saudi Arabia – provides and operates 187,000 refrigeration tonnes (RT) of cooling to projects including Jabal Omar Development in Makkah, Saudi Aramco facilities in Dahran and King Abdullah Financial district.
“This acquisition underscores our commitment to supporting and fulfilling the current and future infrastructure needs of large scale developments throughout the Middle East and further cements our position as a leading international district cooling developer,” said Khaled Al Qubaisi, Tabreed’s chairman.
"With the rapid growth and urbanisation of the largest market in the GCC, Tabreed's acquisition of an additional stake in Saudi Tabreed will further enhance its ability to capitalise on new business opportunities," he said.
Dubai-listed Tabreed reported a 20.8 per cent increase in its third-quarter net income, as revenues climbed on the back of new connections.
Net profit attributable to shareholders for the three months to the end of September rose to Dh129.7m. Revenues for the reporting period climbed 3.8 per cent year-on-year to Dh456m.
Saudi Tabreed also said it commissioned a new district cooling plant at Phase 1 of the King Khalid International Airport in Riyadh with a total capacity of 20,000 RT serving terminals 1 to 4 on exclusive basis.
“Tabreed is enabling businesses in Saudi Arabia to enhance their energy efficiency, reduce costs and meet their sustainability objectives by integrating advanced technology, operational excellence and the latest innovation in district cooling into its solutions,” said Bader Al Lamki, Tabreed’s chief executive.
