Tabreed, the district cooling company in which France's Engie and Abu Dhabi's Mubadala Investment Company hold stakes, reported a 20.8 per cent increase in its third-quarter net income as revenues climbed on the back of new customer connections.
Net profit attributable to shareholders for the three months to the end of September rose to Dh129.7 million, Tabreed said on Sunday in a filing to the Dubai Financial Market, where its shares trade. Revenues for the reporting period climbed 3.8 per cent year-on-year to Dh456m.
“Tabreed is committed to providing energy-efficient and sustainable cooling solutions that have become an integral part of the infrastructure for major developments across the region,” said Bader Al Lamki, Tabreed’s chief executive.
The company has recently commenced supplying 12,000 RT (refrigeration tonnes) of cooling services to the expansion of the Galleria Mall on Abu Dhabi's Al Maryah Island, covering an area of 1.4 million square feet. The new connection comes as part of Tabreed’s long-term concession, as the exclusive provider of district cooling services for developments on Al Maryah Island through a partnership with Mubadala Infrastructure Partners.
During the first nine months of 2019, the company’s net profit increased 3.1 per cent to Dh329.1m and revenues rose 3.5 per cent to Dh1.12 billion, it said.
Total group connected capacity across the GCC increased to 1.16 million RT, with 29,848 RT of new customer connections. One new district cooling plant in Oman has also become fully operational during the reporting period, according to the company.
“The stable growth in our connected capacity enabled us to deliver consistent results and tangible returns. Additionally, Tabreed’s strong financial position qualifies it to capitalise on growth opportunities, as reaffirmed by Moody’s, who had recently published its credit opinion that is a strong endorsement of Tabreed’s robust business model,” Mr Al Lamki added.
