The National Central Cooling Company, better known as Tabreed, reported a 10.5 per cent rise in third-quarter revenue, driven by new connections and higher demand from existing customers.
Revenue for three months to the end of September rose to Dh755.39 million ($205.6 million), the company said in a filing on Wednesday to the Dubai Financial Market, where its shares are traded.
However, Tabreed reported a net loss attributable to equity holders of the parent company of Dh101.26 million for the third quarter, compared with a net profit Dh159.25 million in the same period last year, as it recorded an income tax expense of Dh358.79 million.
The deferred tax liability is related to the nine per cent corporate income tax that would apply to Tabreed from the start of 2024, Adel Al Wahedi, Tabreed's chief financial Officer told The National.
“This is not related to the company's performance by any means, whether operationally or financially. It is a pure non-cash [and] non-performance accounting treatment,” he said.
The UAE, the Arab world's second-largest income, introduced federal corporate tax this year that levies a headline nine per cent rate on taxable income exceeding Dh375,000.
The company's net profit in the first nine months of the year fell to Dh285.14 million from Dh399.6 million in the same period last year.
Revenue during the period rose about 10 per cent to Dh1.82 billion.
“Tabreed continued to capitalise on its regional presence, growing rapidly and strategically across its core markets, domestically in the UAE and regionally across GCC and Asia,” said Khaled Al Qubaisi, Tabreed’s chairman.
“Our new projects and capacity additions throughout the period continue to demonstrate the attractiveness of district cooling in Tabreed’s key markets.”
Tabreed, one of the largest utility companies in the Middle East, has been rapidly expanding its operations across the region to grow operations.
The company said it delivered an additional 41,319 refrigeration tonnes in the first nine months of 2023 through new cooling plants in Abu Dhabi, Saudi Arabia, and an acquisition from Tata Realty in India.
Tabreed, which operates 89 district cooling plants across the UAE and the GCC, said it was still on track to add 120,000 refrigeration tonnes this year.
In September, Tabreed signed a preliminary agreement to explore development and investment opportunities in district cooling infrastructure in the southern Indian city of Hyderabad.
The cooling infrastructure will have the potential to reduce more than 200 megawatts of peak electricity demand, resulting in an annual carbon dioxide emissions reduction of 600,000 tonnes, Tabreed said.
“We are working out all the paperwork to finalise that concession agreement with the government,” said Khalid Al Marzooqi, Tabreed's chief executive.
The project will be expanded in phases as cooling demand rises and is expected to reach a total concession load of 125,000 refrigeration tonnes.
The company is optimistic about growth in India and is looking at acquisitions and greenfield projects to expand.
In 2021, the company formed a holding company with the World Bank’s International Finance Corporation to invest up to $400 million over the next five years for its expansion in India.
Mr Al Marzooqi said Tabreed would look at expanding further in Asia, a region where cooling demand is expected to increase in the next few years amid growing urbanisation and economic development.
“Everything is under our microscope … If you reached India, there's no point in stopping just in India.”
In August, Adnoc and Tabreed announced the first project in the Gulf region that harnesses geothermal energy.
The hot water generated by the heat from the wells will pass through an absorption cooling system to produce chilled water, which will then be supplied to Tabreed’s district cooling network at Masdar City, meeting 10 per cent of the hub’s cooling needs.
“We are at the stage of commissioning of the plant. Within a day or two, it will be up and running,” said Mr Al Marzooqi.
“That will be the first plant in the region, which will be providing cooling simply by using geothermal heat.”
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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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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Killing of Qassem Suleimani
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EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
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SPECS
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Killing of Qassem Suleimani
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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Global state-owned investor ranking by size
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United States
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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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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
KILLING OF QASSEM SULEIMANI
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