The National Central Cooling Company, also known as Tabreed, said net profit for the first half of the year increased 20 per cent on the back of new capacity and connections added across the GCC.
Net profit advanced to Dh192.7 million in the first six months of the year compared to Dh160.5m in the same period last year. Group revenue increased by 10 per cent to Dh639.2m in the first half compared to Dh578.6m in the same period last year. Core chilled water revenue gained 17 per cent to Dh602.3 million in the first half compared to Dh516 m in the same period last year.
Shares of Tabreed rose as much as 2.42 per cent before closing 0.48 per cent higher at Dh2.08 in Abu Dhabi.
“Tabreed is going from strength to strength with a growing presence across the GCC region, where we are proud to cool landmark projects and critical infrastructure developments," said Jasim Husain Thabet, the company's chief executive. "This is essential to driving business results and economic development."
Total group connected capacity across the GCC increased to 1,084,451 refrigerated tonnes with 36,040 refrigerated tonnes of new customer connections added in the first half of the year. Of that, 22,863 refrigerated tonnes were added in the UAE, 3,000 refrigerated tonnes were added in Bahrain, and 10,177 refrigerated tonnes was added in other regions.
The company noted that among its operational highlights that it managed through greater efficiency to save 595 million kilowatt hours of electricity across the GCC. That prevented the release of nearly 297,500 tons of carbon dioxide, the equivalent of eliminating the emissions from 59,500 vehicles annually.
Tabreed recently announced that the French global energy leader Engie agreed to purchase 40 per cent of Tabreed from the Abu Dhabi strategic investment firm Mubadala Investment Company, through the conversion of Mubadala's Mandatory Convertible Bonds and transfer of 1.086 billion shares to Engie.
The US$775m agreement is to be completed in the third quarter of 2017 pending regulatory approval.
“The planned investment in Tabreed by global energy leader ENGIE is further testament to Tabreed’s financial strength and leading market position," Mr. Thabet said.
"Tabreed Board approval of the necessary increase in share capital, and conversion of the MCBs, is a significant step and we look forward to welcoming ENGIE as a major shareholder of Tabreed. This brings us one step closer to the successful completion of the transaction, expected in the third quarter of 2017."
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
UAE currency: the story behind the money in your pockets
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
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UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
