Tabreed announces Q1 financial results; Covid pandemic countermeasures

Published: 9 May 2020 - 6:30 a.m.

Tabreed has released its consolidated financial results for the first three months of 2020, reporting net profit of £22 million, an increase of 3% compared to its 2019 Q1 performance.

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “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.

“Tabreed has successfully continued to deliver efficient and cost-effective cooling solutions, minimizing the potential for a disruption to the service through working remotely and safely in cooperation with our highly qualified and dedicated employees.

"Our facilities are 100% operational and we are taking all possible measures to ensure we maintain this service level while ensuring the health and safety of all that interact with our facilities.”

Notwithstanding the unprecedented global pandemic, the company continues to meet the growing demand for district cooling solutions and has recently announced the acquisition of its Downtown Dubai district cooling business in a long-term partnership with Emaar, to provide up to 235,000 RT of cooling from the largest integrated district cooling scheme in the world to some of Emaar’s most prestigious developments.

Bader Al Lamki, Tabreed’s CEO, said: “We are extremely proud of the swift and effective steps we have been taking to ensure our business continuity and ability to serve the market and our customers during this period of intense market conditions.

“Now more than ever, it is critical that we make it possible for all customers to continue their operations and help them respond to the unique demands that they are facing.

"Tabreed’s response in this regard has been strong, and as we align our work processes with the guidelines issued by relevant authorities, and our customers can rest assured that they can continue to count on us to support their businesses with efficient, reliable and effective district cooling solutions.”

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