Tabreed, in which France's Engie and Abu Dhabi's Mubadala Investment Company hold stakes, reported a 3 per cent rise in first-quarter net profit on the back of a reduction in costs.
Net profit attributable to equity holders of the parent for the three months ending March 31 climbed to Dh82.2 million, the company said in a statement to Dubai Financial Market, where its shares trade. However, revenue during the period dropped 1 per cent to Dh294.3m. Direct costs fell 3 per cent to Dh131m.
“Tabreed’s first-quarter financial results demonstrate the resilience of our operational capabilities, proving that we are still able to deliver essential, efficient and reliable services to our customers as we collectively navigate through these challenging times,” said Khaled Abdulla Al Qubaisi, Tabreed’s chairman.
“Facilities are 100 per cent operational and we are taking all possible measures to ensure we maintain this service level" while putting the necessary health and safety measures for staff and external contractors in place, he added.
"Operations are continuing normally and demand is constant especially in summer months. We don't see a significant impact on our business," chief executive Bader Al Lamki told The National.
Administrative and other expenses rose 12 per cent to Dh58.3m “mainly from a provision of Dh10m on receivables due to impact of Covid-19, offset by cost savings.”
Finance costs dropped 5.7 per cent to Dh42.8m due to lower interest rates.
Total assets rose 27 per cent from the end of last year to Dh11.4 billion by the end of March and liabilities by 65 per cent to Dh6.6bn.
Tabreed currently operates 83 district cooling plants in the UAE, Saudi Arabia, Bahrain, Qatar and Oman. It provides district cooling to developments such as the Dubai Metro and Ferrari World in the UAE; Bahrain’s financial centre and the Jabal Omar Development at Makkah in Saudi Arabia.
Last month, the company bought a majority stake in Emaar Properties’ Downtown Dubai district cooling business for Dh2.48bn. In January, the company bought cooling plants in Masdar City and said it will explore the development of large-scale cooling plants in Sharjah through a venture with environmental management company Bee'ah.
“We are always looking for opportunities to grow our business either through greenfield projects or acquisitions. We will continue to have an appetite,” Mr Al Lamki said.
The company is continuing to weigh up opportunities in other parts of the Gulf, Egypt and India, he added.
Tabreed is also consolidating a number of service offerings to set up a new entity, Tabreed Energy Services, offering consultancy services, as well as operation and maintenance of cooling plants.
Moody's Investors Service affirmed the Baa3 long-term issuer rating of Tabreed and also its Baa3 instrument rating on the company's senior unsecured sukuk certificates following the deal with Emaar.
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
WISH
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KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
The biog
Family: wife, four children, 11 grandchildren, 16 great-grandchildren
Reads: Newspapers, historical, religious books and biographies
Education: High school in Thatta, a city now in Pakistan
Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India
Happiness: Work on creative ideas, you will also need ideals to make people happy
More on Quran memorisation:
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
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Killing of Qassem Suleimani
Global state-owned investor ranking by size
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UAE
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The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
The five pillars of Islam
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
MATCH INFO
Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')
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