The National Central Cooling Company, better known as Tabreed, reported a 168 per cent annual surge in its first-quarter net profit as revenue rose on the back of new customer connections and higher consumption.
Net profit attributable to equity holders of the parent company for the three months to the end of March climbed to Dh236.3 million ($64.34 million), compared to Dh88.2 million during the same period last year, the company said in a statement to the Dubai Financial Market, where its shares are traded.
Revenue during the period rose 10 per cent year on year to Dh464 million.
The company added 12,000 refrigerated tonnes (RT) of new customer connections during the quarter in the UAE and Oman, increasing its total connected capacity to 1.276 million RT.
“For the remainder of the year, we will continue to focus on our sustainable and strategic growth plans, which will see Tabreed grow its regional and international reach in close alignment with governments and legislators,” said Khaled Al Qubaisi, Tabreed’s chairman.
Tabreed was founded in 1998. It 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 has been rapidly expanding its operations across the region to boost its portfolio. It acquired a majority stake in Emaar Properties' Downtown Dubai district cooling business for Dh2.48 billion in 2020.
The same year, it bought two district cooling units on Saadiyat Island in Abu Dhabi from Aldar Properties in a Dh963 million deal to boost its asset base in the UAE.
In February, Saudi Tabreed entered a partnership with the Public Investment Fund as a new shareholder with a 30 per cent stake.
Last year, the company increased the foreign ownership limit of its shares to 100 per cent from 49 per cent. It is also looking at acquisition opportunities to expand in India, Asia’s third-largest economy.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
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UAE currency: the story behind the money in your pockets
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
Venue: Sharjah Cricket Stadium
Date: Sunday, November 25
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Brief scores:
Everton 2
Walcott 21', Sigurdsson 51'
Tottenham 6
Son 27', 61', Alli 35', Kane 42', 74', Eriksen 48'
Man of the Match: Son Heung-min (Tottenham Hotspur)
Syria squad
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
COMPANY%20PROFILE
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MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
