Abu Dhabi’s Tabreed has announced a 5 per cent increase in net profit for the first half of this year to Dh160.5 million on a 4 per cent increase in revenue to Dh578.6m.
The district cooling company said that it continued to deliver consistent returns, and added a further 5,800 refrigerated tonnes of capacity to its network so far this year, bringing its total to 980,200 tonnes.
Tabreed stock was up 2.7 per cent by midday, bringing its year-to-date gain to 24.1 per cent.
Waleed Al Mokarrab Al Muhairi, the chairman of Tabreed, said that it benefited from having long-term contracts with major clients across the region.
“Tabreed’s first half-net profit of Dh160.5m represents the best first-half performance in the company’s 18-year history, further underlining our robust business model and stable revenue stream,” he said.
The company operates in five countries – the UAE, Saudi Arabia, Qatar, Oman and Bahrain. It provides district cooling to Abu Dhabi’s Al Maryah Island and Yas Island, the Dubai Metro, The Pearl Qatar and to the Aramco Development Project at Dhahran in Saudi Arabia.
Jasim Husain Thabet, the chief executive of Tabreed, added: “Tabreed continues to leverage its regional footprint, with profit from our associates and joint ventures increasing by 45 per cent to Dh48.2m.”
Notes to the accounts state that the company had planned to sell off one of its subsidiaries last year, but has “changed its intention” as a result of market conditions. A plot of land that had a carrying value of Dh21m was sold off, though, with the company declaring a gain in value of Dh1.6m following its sale.
Follow The National’s Business section on Twitter