Construction Week Online
Dubai Financial Market-listed (DFM) National Central Cooling Company (Tabreed) had a stellar 2019, as the company posted a 3.1% spike in its net profit to $89.6m (AED329.1m) during the first nine months of 2019, compared to the same period in 2018.
The Abu Dhabi-headquartered firm’s chief executive officer, Bader Al Lamki, said the company aims to close the FY 2019 “on a strong note”.
Al Lamki spoke to Construction Week at the W Abu Dhabi Hotel in Yas Island, which the company has been providing district cooling for other developments including Yas Waterworld, Yas Mall, Ferrari World as well as Yas Marina Circuit.
“We are optimistic. 2019 has been a good year so far and the ambition for the year to come is to continue the same trend,” Al Lamki stressed, as he highlights Tabreed’s plans to deliver ‘year-on-year increment’ in net profit.
Al Lamki was appointed as the CEO of Tabreed in April 2019 replacing former and the first Emirati CEO, Jasim Husain Thabet, who took up the role in August 2012. In the six years that he headed the firm, Thabet led Tabreed’s 40% acquisition by French utility firm Engie in 2017 to become a key shareholder, along with state-owned investment company, Mubadala.