Abu Dhabi, UAE, 26 April 2018: National Central Cooling Company PJSC (DFM: Tabreed), released its 2018 first-quarter consolidated financial results, the company announced in a Press communiqué.  

According to Tabreed, the financial highlights of the three months ended 31 March, 2018, are:

• Net profit attributable to the parent increased by 3.1% to AED 77.7 million (Q1 2017: AED 75.4 million)
• Core chilled water revenue increased by 1.4% to AED 258.7 million (Q1 2017: AED 255.2 million)
• Share of results of associates and joint ventures decreased by 4.8% to AED 21.8 million (Q1 2017: AED 22.9 million)
• Group revenue increased by 2 per cent to AED 274.4 million (Q1 2017: AED 270.2 million)
• EBITDA increased by 6 per cent to AED 148.6 million (Q1 2017: AED 140.8 million)

According to Tabreed, the operational highlights of the three months ended 31 March, 2018, are:

• Total Group connected capacity across the GCC region of 1,093,818 RT.
• Acquisition of 50% of S&T Cool District Cooling Company LLC on Reem Island in Abu Dhabi to become its sole owner. The plant has connected capacity of over 32,000 RT and is the sixth plant in Tabreed’s portfolio providing District Cooling to Aldar developments
• Successful completion of three-year pilot project to develop digital ‘smart controller’ technology to intelligently manage District Cooling plants to improve operational performance by decreasing energy consumption in partnership with Masdar Institute of Science and Technology, a part of the Khalifa University of Science and Technology

 According to Tabreed, the environmental highlights of the three months ended 31 March, 2018, are:

• 179 million kilowatt hours were saved across the GCC region – enough energy to power approximately 6,000 homes in the UAE every year
• These power savings prevented the release into the atmosphere of 89,600 tons of carbon dioxide – the equivalent of eliminating the emissions of 18,000 vehicles annually

Commenting on the results, Khaled Abdulla Al Qubaisi, Chairman, Tabreed, said: “This is another strong set of results… We are confident of continuing to deliver growth as we further expand our operations and look forward to reporting progress through the current financial year.”

Jasim Husain Thabet, Chief Executive Officer, Tabreed, said: “We are very pleased to demonstrate once again that our unique cooling solutions are playing their part in the country’s efforts to achieve energy sustainability… We remain alert to all opportunities that can add value to our own business and also enhance our customers’ ability to reduce their energy consumption.”