UAE-based National Central Cooling Company (Tabreed) has maintained a strong performance in a challenging environment amid COVID-19 and was able to outperform several key metrics year-on-year, a statement from the provider has said.
Announcing its financial results for the third quarter, Tabreed said that its net profit has increased by 13% to $101 million, an increase from last year’s figures of $89.5 million, while total revenue also increased by 12% YoY to $340.3 million.
“The results demonstrate that Tabreed’s flexible and dynamic strategy has adapted well ensuring business continuity and pursuing growth,” said chairman Khaled Abdulla Al Qubaisi.
“The company has proceeded to take every precaution to ensure its services remain uninterrupted, whilst also adopting industry-leading health and safety practices and sanitisation programmes to ensure the safety of its staff, customers and suppliers,” he noted.
For the nine months ended September 30, Tabreed said the group revenue increased by 12 per cent to $340.3 million from $304.9 million. Share of results of associates and joint ventures decreased by 17% to $15.7 million.
On the results, Tabreed’s Chairman Khaled Abdulla Al Qubaisi said: “Our resilience and agility to adjust to the unique operating environment this year is not only demonstrated in our current results, but also in the team’s continued focus on advancing solutions that have helped make us the district cooling partner of choice across the region and continuing our growth despite the challenges.”
CEO Bader Al Lamki added: “Tabreed remains well positioned from an operational and capital perspective despite the uncertainties and challenges brought on by this year’s events, as reflected by the resilient and strong performance of our businesses.”
“In turn, we are making progress on executing on our long-term plans, including investing in infrastructure, and deploying capital in attractive long-term opportunities,” he added.
Last month, Tabreed raised $500 million with a seven-year, 2.5% coupon bond issuance. The issuance was oversubscribed almost five times at its initial size of $400 million which demonstrates international investors’ confidence in Tabreed’s past and future performance.
For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint, said the company statement.
With 83 district cooling plants, Tabreed currently delivers over 1.352 million refrigeration tonne to key developments in the region, it added.