Company now more agile than ever, paving the way for further expansion
14 November, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), headquartered in the UAE, today released its consolidated financial results for the first nine months of 2021, reporting a net profit of AED 388 million – an increase of 5% compared to its 2020 performance for the same period.
The results ably demonstrate the effectiveness of Tabreed’s approach to sustainable growth, with the company divesting its 44% stake in Qatar District Cooling Company while increasing ownership of the 80,000 Refrigeration Ton (RT) Al Maryah Island district cooling scheme in Abu Dhabi to 100% during the quarter.
Financial highlights – nine months ended 30 September 2021:
- Group revenue increased by 16% to AED 1464.7 million (Q3 2020: AED 1257.9 million)
- Core chilled water revenue increased by 16% to AED 1412.9 million (Q3 2020: AED 1219.1 million)
- EBITDA increased by 15% to AED 775.7 million (Q3 2020: AED 676.6 million)
- Profit from Operation increased by 19% to AED 483.5 million (Q3 2020: AED 406.4 million)
- Share of results of associates and joint ventures reduced by -9% to AED 33.7 million (Q3 2020: AED 37.1 million)
- Net profit attributable to the parent increased by 5% to AED 388.0 million (Q3 2020: AED 370.4 million)
Operational highlights – nine months ended 30 September 2021:
- Total connected capacity reduced to 1,202,760 Refrigeration Tons (RT), following divestment of Qatar District Cooling Company shareholding
- Tabreed achieved a record 14,307,638 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015
Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed continues to shine, posting more record results that demonstrate the effectiveness of its long-term strategy. Shrewd investments make for steady and manageable growth and this company’s rock-steady resilience is something everyone involved in can be proud of. Customer service, operational reliability and an unwavering pursuit of efficiency are what Tabreed’s unrivalled reputation is built upon and I look forward to seeing the company’s future plans come to fruition, particularly as district cooling will play an essential role in the UAE’s drive toward carbon neutrality. We are a force for good – for the environment, our customers, our people, our stakeholders and the communities in which we operate.”
Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, added: “The company experienced rapid and exceptional growth of its portfolio during 2020 and we are now seeing real return on investment with steady, reliable and efficient performance across our networks. Our shareholders appreciate this considered approach to growth and we have exciting plans for the near future, with an even more diverse array of services that will help to bolster our leading market position while adding to our environmental credentials.
“We keep mentioning the word ‘resilient’ when referring to Tabreed and for good reason: it perfectly sums up our approach to business – we were the first district cooling company to be established in the UAE and after nearly a quarter of a century are stronger and more agile than ever. Tabreed’s medium- and long-term plans are sound and attainable, and all of us in this remarkable company have genuine reason for optimism when we look to the future.”
For more updates from Tabreed, visit www.tabreed.ae