Dubai – Mubasher: The net profits attributable to the parent company of National Central Cooling Company (Tabreed) jumped by 13% to AED 224.30 million during the first half (H1) of 2020, compared to AED 199.36 million in H1-19.

Higher net profits are attributed to Tabreed's long-term partnership with Emaar that acquired the company's Downtown Dubai district cooling business to provide up to 235,000 RT to some of Emaar’s most prestigious developments, according to a press release on Sunday.

The company reported revenues of AED 710.02 million in H1-20, up 6% from  AED 671.94 million in the same half of 2019.

Meanwhile, Tabreed achieved  AED 438.80 million in earnings before interest, tax, depreciation, and amortization (EBITDA) during the first six months of 2020, 8% higher than AED 406.18 million in the corresponding period of 2019.

The basic and diluted earnings per share (EPS) attributable to equity holders of the parent stood at AED 0.08 in the January-June period of 2020, versus AED 0.07 in the same period of 2019.

During the second quarter (Q2) of 2020, the company's net profits increased to AED 146.149 million from AED 124.103 million in the same quarter of the previous year.

Commenting on the company's performance, Tabreed’s Chairman, Khaled Abdulla Al Qubaisi, said: "Tabreed’s ongoing growth reflects our commitment to meet the region’s growing demand for energy efficient and environmentally-friendly cooling solutions."

The company's CEO, Bader Al Lamki, remarked: "With 83 district cooling plants, Tabreed currently delivers over 1.342 million refrigeration tonnes to key developments, including iconic landmarks."

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits rose by 3% to AED 82.2 million from AED 80.033 million in the same period of 2019.