Tabreed’s 2017 net profit increases to AED400 million

ABU DHABI, 31st January, 2018 (WAM) -- National Central Cooling Company, Tabreed, today released its audited 2017 financial results. The company ended the year with a robust performance, adding 43,900 RT to its cooling capacity across the GCC in 2017. Tabreed posted 9% percent higher net profit, reaching AED400.1 million. Based on the strong results, Tabreed’s Board of Directors recommended increasing cash dividends for 2017 to 8 fils per share (up from 6.5 fils per share for 2016). Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said, "The strength of Tabreed’s performance in FY 2017 reflects a clear strategic focus, which enabled the company to extend its footprint and regional market leadership. Tabreed achieved another year of healthy sales with net profit growth of 9% to AED 400.1 million. Furthermore, Tabreed welcomed global energy leader ENGIE to the group during the year, which will support the company in further capturing the growing regional district cooling market opportunities, aligned with the rapid urbanization witnessed across the GCC region." "In line with our commitment to continue delivering shareholder value and based on our strong performance in 2017, the company’s Board of Directors will recommend increasing cash dividends to 8 fils at the upcoming annual general assembly," added Al Qubaisi. Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added, "Tabreed continued on its solid growth path in 2017 with revenues of AED1,399.4 m, driven by new capacity additions. As we look forward to 2018 and beyond, we pursue our commitment to support the region in meeting its growing cooling needs with Tabreed’s reliable and cost-efficient solutions. With two decades of leadership and experience, we are also well poised for continued growth and success in enabling our customers to adopt and optimise energy-efficient cooling systems, while remaining focused on achieving strong returns for our shareholders." Tabreed is a partner of choice for organisations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 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 the Holy City of Mecca, Saudi Arabia.