Dubai - Mubasher: National Central Cooling Company (Tabreed), listed on the Dubai Financial Market (DFM), reported an 11% year-on-year increase in its net profit attributable to the parent for the first half of 2019, recording AED 199.4 million.

The company’s revenue amounted to AED 671.9 million during the six-month period ended 30 June 2019, up 3% from AED 650.7 million in H1-18, according to a press release.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 12% to AED 366 million in H1-19, compared to AED 326.1 million in the year-ago period, Tabreed said.

Moreover, core chilled water revenue reached AED 634.4 million in the first six months of 2019, up 3% from AED 617.3 million in H1-18.

On the other hand, the share of results of associates and joint ventures fell by 13% to AED 40.2 million in H1-19, versus AED 46.0 million in the same period a year earlier.

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “Tabreed delivered another quarter of stable results and reported a net profit of AED 199.4 Million driven by its core chilled water business. Tabreed continuous growth reinforces our position as a leading district cooling company and retains the confidence of our shareholders in delivering consistent results and tangible returns.”

Moreover, Bader Saeed Al Lamki, Tabreed’s CEO, said: “Tabreed recorded a solid performance in the first half of 2019 fostered by vigorous efforts to grow the business and expand our operations across the region. This performance underscores the efficient strategy the company has adopted and its resiliency.”

At the level of operational activities, Tabreed’s total connected capacity across the GCC grew to 1.145 million refrigeration tonnes (RT), with 14,468 RT of new customer connections added in H1-19 including 6,068 RT in the UAE and 8,400 RT in Oman as a new plant came into service.

In May, Tabreed announced it had generated a net profit of AED 80 million for the first quarter of 2019, up 3% from AED 77.7 million in Q1-18.