National Central Cooling Company, better known as Tabreed, reported a 3 per cent increase in its second-quarter profit as revenue jumped amid the company's push for geographical expansion.
Profit attributable to equity holders of the parent company for the three months to the end of June climbed to Dh152.1 million ($41.41m), Tabreed said in a statement to the Dubai Financial Market, where its shares are traded.
Revenue for the reporting period rose by about 9 per cent, year on year, to Dh555.7m.
Net profit for the six-month period increased 3 per cent to Dh240.4m as revenue climbed 12.3 per cent to Dh975.7m.
“It’s another remarkable result for Tabreed but not at all surprising, as the carefully considered and planned trajectory for this incredible pillar of UAE industry is coming together precisely as we envisaged," said Tabreed chairman Khaled Al Qubaisi.
"It has been a remarkable six months of geographical expansion, increased public awareness and making good on long-term objectives."
Tabreed owns and operates 86 district cooling plants across the GCC, including 75 in the UAE, three in Saudi Arabia, seven in Oman and one in Bahrain, in addition to other international projects and operations.
It provides district cooling services to developments in the UAE including the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers and The Dubai Mall, among others.
Tabreed doubled the size of its "concession capacity" in Oman with the acquisition of a district cooling plant that services Al Mouj development, the company said on Wednesday.
Tabreed’s portfolio in Oman includes seven plants and Al Mouj represents the company’s biggest project in the sultanate, “evidence of its desire to drive further investment in this important territory”, it said.
The company also increased the number of connections in the UAE during the second quarter of this year, with the total connected capacity in the Arab world's second-largest economy growing to more than 1.24 million refrigeration tonnes.
“The first half of 2022 is an accurate indication of where this ... company is heading and, in the near future, we will see other long-term strategic plans and investments come to fruition,” said Khalid Al Marzooqi, Tabreed’s chief executive.
Tabreed plans to expand in India and is bullish about growth in Asia’s third-largest economy.
Last year, Tabreed formed a new holding company with the World Bank’s International Finance Corporation to invest up to $400m in the next five years to expand in India.
India's potential is "beyond what we expected in initial stages”, Mr Al Marzooqi told The National last month.
The partners are focusing on a portfolio of more than 100,000 refrigeration tonnes of cooling capacity in India by 2026 as they aim to serve industrial, commercial and retail developments in the country.
The company is also looking at new opportunities to expand in the UAE and other GCC countries.
How Sputnik V works
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Saudi Arabia
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South Korea
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
if you go
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Honeymoonish
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
WITHIN%20SAND
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
