Dubai – Mubasher: National Central Cooling Company (Tabreed) reported a 3% year-on-year increase in profits for the first quarter of 2019.

Net profits stood at AED 80 million in Q1-19, compared to AED 77.7 million in Q1-18, according to the company’s statement to the Dubai Financial Market (DFM) on Thursday.

“Our strong first quarter builds on a solid 2018, during which we continued to build on our reputation as one of the UAE’s strongest and most successful businesses. We are proud to now be pioneering district cooling in India alongside our established presence in the UAE and the GCC,” Khaled Abdulla Al Qubaisi, chairman of Tabreed, commented.

Tabreed’s sales jumped 8% to AED 296.8 million during the first three months of 2019, against AED 274.4 million in the same period of the prior year, according to the statement.

The UAE-based company continues to deliver strong and consistent performance from its 74 district cooling plants across the GCC, which provide over 1.1 million refrigeration tonnes (RT) of cooling capacity for customers in five countries.

EBITDA of the leading group levelled up 15% year-on-year to AED 170.2 million during the three-month period ended in March, the statement added.

“Looking to the future, continued economic diversification in the GCC, its expanding population, and increasing urbanisation will drive further investment in high-density developments, and district cooling is a core component of such investment,” Al Qubaisi added.

Bader Al Lamki, Tabreed’s new CEO, noted that the quarter’s results reflect customer confidence in Tabreed’s operational strength.

It is worth noting that Tabreed is currently delivering over 1.1 million refrigeration tonnes to key developments in the region, including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in Mecca, Saudi Arabia.