Tabreed reports an 11% increase in 2019 net profit to $128million

Tabreed reports an 11% increase in 2019 net profit to $128million
Published: 28 January 2020 - 6:15 a.m.

Tabreed has reported an 11% increase in net profit to $128million for 2019.

The district cooling developer added 51,336 refrigeration tonnes (RT) of new customer connections, resulting in the delivery of 1,182,715RT of cooling capacity.

Khaled Abdulla Al Qubaisi, Tabreed chairman, said: “Tabreed has become an international powerhouse in district cooling, with 80 plants and investments in six countries.

“For 2020 and beyond, I am confident about our ability to further contribute to the region’s sustainable development as urbanisation continues to drive investment into high-density developments.”

Tabreed also announced a number of significant achievements during 2019, including the signing of its first cooling concession agreement in India, increasing its stake in Saudi Arabia-based district cooling firm Saudi Tabreed to 28%, acquiring a 69,000 RT concession in Masdar City, and commissioning its DC plants at King Khaled International Airport in Riyadh and the Mall of Muscat in Oman.

READ: Electricity connection to 1,741 projects in Sharjah during 2019

Operationally, Tabreed celebrated a series of accomplishments in 2019 including the achievement of 10million safe work hours without lost time injury (LTI), the integration of data-based operational intelligence software across its network of district cooling plants, and becoming the first district cooling company in the region to receive the ISO 50001:2018 certification under the revised version (2018) of the ISO 50001 standard.

Bader Al Lamki, Tabreed CEO, said: “Tabreed’s strategy and continued financial and operational excellence is reflected in our results, represented in a net profit increase, a 10% increase in our EBITDA, 51,336 RT of new customer connections, and a number of accomplishments in digitalisation, safety, and innovation.

“We are uniquely positioned to provide cost-effective and environmentally friendly cooling solutions to customers throughout the GCC and beyond.

“Tabreed will continue to play an instrumental role in supporting sustainable development as we enter 2020 and the company’s 22nd year of operations.”

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