Sarmad Khan, The National
Tabreed plans to expand its footprint beyond the Arabian Gulf. Jumana El Heloueh / Reuters
Summary
The National Central Cooling Company (Tabreed) is looking at growth opportunities in the Middle East beyond its Arabian Gulf footprint, its chief financial officer said on Wednesday, on the back of a 9 per cent rise in profits for 2017.
The Dubai-listed firm, which reported net income of Dh400.1 million on Wednesday, is on the lookout for acquisition opportunities in the five Gulf markets in which it currently operates, CFO Stephen Ridlington told The National.
“We are the only district cooling company [in the region] which has international operations. We are already international and we want to be more international,” he said. “We are attuned and happy to go into new markets. We think of this as a new phase for us in which we [can] capture some new geographies.”
Tabreed’s renewed expansion drive comes following a strategic investment from France’s Engie, which aims to use the acquisition to aid its expansion in the wider Middle East region and beyond.
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