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Tabreed posts 11% growth in net profits during 2019

Tabreed posts 11% growth in net profits during 2019
Tabreed reported AED 1.52 billion revenues for last year
0.49% 2.06 0.01

Dubai – Mubasher: The net profits of the National Central Cooling Company (Tabreed) rose by 11% year-on-year (YoY) to AED 472.5 million last year, compared to AED 427.6 million in 2018, as shown by the company’s audited annual financial results.

The group revenue increased by 5% to AED 1.52 billion in fiscal year (FY) 2019, compared with around AED 1.45 billion in the prior year.

Meanwhile, the board of Tabreed recommended distributing cash dividends for 2019 at AED 0.0105 per share, up 11% from 2018, according to the company’s statement to the Dubai Financial Market (DFM) on Tuesday.

The company’s upward performance during 2019 was attributed to a number of achievements, including the signing of its first cooling concession agreement in India, as well as increasing its stake in the Saudi Arabia-based district cooling firm Saudi Tabreed to 28%, and adding six new plants.

Moreover, Tabreed acquired a 69,000-refrigeration-ton (RT) concession in Masdar City and commissioned district cooling plants at the King Khaled International Airport in Riyadh and the Mall of Muscat in Oman.

Tabreed’s CEO, Bader Al Lamki, commented: “Tabreed’s strategy and continued financial and operational excellence is reflected in our results, represented in a net profit increase, a 10% increase in our EBITDA, 51,336 RT of new customer connections, and a number of accomplishments in digitalization, safety, and innovation.”

It is noteworthy to mention that during the first nine months of 2019, Tabreed achieved a 3.1% growth in net profits to AED 329.109 million from AED 319.334 million in the same period in FY 2018.