Arabian Business
Summary
Khalid Abdullah Al Marzooqi, chief executive officer of UAE-based National Central Cooling Company PJSC (Tabreed), has spoken of his optimism for the future after the company posted a five percent increase in profits year-on-year for the first nine months of 2021.
In financial results revealed on Sunday, Tabreed saw its profits increase from AED370.4 million ($101m) for the nine-month period in 2020, to AED388m ($105.7m) this year. Group revenue was also up 16 percent to AED1.4647 billion ($399m).
Al Marzooqi said: “Tabreed’s medium- and long-term plans are sound and attainable, and all of us in this remarkable company have genuine reason for optimism when we look to the future.”
Last year, Tabreed bought two district cooling assets on Abu Dhabi’s Saadiyat Island from Aldar Propterties for AED963m ($263m). It followed a deal completed in April 2020, where Tabreed bought Emaar Properties’ Downtown Dubai district cooling business, which was worth AED2.48bn ($675.3m).
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