Dubai – Mubasher: The net profits attributable to the equityholders of National Central Cooling Company (Tabreed) hit AED 112.13 million in the first quarter (Q1) of 2024.

The generated net profits retreated from AED 236.36 million in Q1-23, according to the interim consolidated financial results.

Tabreed achieved revenues amounting to AED 468.10 million in the first three months (3M) of 2024, up year-on-year (YoY) from AED 463.71 million.

Basic and diluted earnings per share (EPS) attributable to the shareholders plummeted to AED 0.03 in Q1-24 from AED 0.08 a year earlier.

The total assets hit AED 14.86 billion in Q1-24, compared to AED 14.81 billion as of 31 December 2023.

Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “Our strategic initiatives, both locally and internationally, are geared towards ensuring we maintain our positive momentum in the medium term.”

“We are confident in our ability to continue leading the way in sustainable cooling, creating value for our shareholders and positively contributing to the communities, businesses and industries we serve,” Al Qubaisi highlighted.

In 2023, Tabreed posted 25% higher net profits before tax attributable to the parent company at AED 751.40 million, compared to AED 600.20 million.