The National Central Cooling Company, better known as Tabreed, reported a 5.8 per cent increase in its third-quarter profit on the back of higher revenue.
The total profit attributable to equity holders of the parent company for the three-month period ending September 30 rose to Dh154.5million ($42.06m), Tabreed said in a statement to the Dubai Financial Market, where its shares are traded.
Revenue jumped 8.7 per cent a year to Dh595.7m during the period.
“The company experienced rapid and exceptional growth of its portfolio during 2020 and we are now seeing a real return on investment with steady, reliable and efficient performance across our networks,” said chief executive Khalid Al Marzooqi.
Tabreed will also be looking at growth opportunities in different markets including India, Egypt, the UAE and Saudi Arabia, Mr Al Marzooqi told The National in an interview.
“We are looking at brownfield or greenfield projects in both [Egypt and India] markets, in addition to the GCC markets,” he said.
India and Egypt "have huge potential for district cooling, whether [in] high-rise buildings, large campuses, data centres or shopping malls or universities. Both these markets are in need of district cooling as their environment constraints are increasing”.
A district cooling project in India might happen at the end of the fourth quarter while another project in Egypt is expected to start during the first quarter of next year, Mr Al Mazrooqi said.
The investment in both the markets is not expected to be large since the company is “just setting our footprint in that market and … it is going to be opening [a] door for us in that market”.
Tabreed currently owns and operates 84 plants across the GCC, including 75 in the UAE, three in Saudi Arabia, five in Oman and one in Bahrain.
In the UAE, the company is “looking at one large acquisition, which might be happening very soon”, he said, without disclosing full details about the new deal.
Tabreed has finalised a number of deals in the UAE over the past 12 months.
Earlier this year, it took full ownership of the operator of the district cooling unit that serves Al Maryah Island in Abu Dhabi after it bought an additional 50 per cent stake for Dh311.5m.
Tabreed also acquired an additional stake in Al Wajeez Development Company from its joint venture partner, Mubadala Infrastructure Partners, it announced in August.
It also bought a 80 per cent stake in Emaar’s Downtown Dubai district cooling network and also acquired Aldar’s Saadiyat Island plant and the Masdar City district cooling plant in Abu Dhabi to boost its portfolio.
The new deals will be funded through the company’s own money and any “financial tools that we might find ... competitive”, Mr Al Mazrooqi said.
Tabreed is also considering issuing bonds to raise money, depending on “how large the deal is”.
It plans to announce two large district cooling projects in Saudi Arabia, the Arab world’s largest economy, as it continues to expand its footprint in the region.
“We are excited about [the] Saudi market and the potential in the market is enormous," he said without disclosing further details.
Tabreed is also optimistic about revenue growth next year after economies continued to recover from the coronavirus pandemic.
"Despite all the challenges we had in 2020 ... Tabreed made great strides and did major acquisitions and we would like to continue that next year as well."
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
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'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
Brief scores:
Huesca 0
Real Madrid 1
Bale 8'
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Jiu-jitsu calendar of events for 2017-2018:
August 5:
Round-1 of the President’s Cup in Al Ain.
August 11-13:
Asian Championship in Vietnam.
September 8-9:
Ajman International.
September 16-17
Asian Indoor and Martial Arts Games, Ashgabat.
September 22-24:
IJJF Balkan Junior Open, Montenegro.
September 23-24:
Grand Slam Los Angeles.
September 29:
Round-1 Mother of The Nation Cup.
October 13-14:
Al Ain U18 International.
September 20-21:
Al Ain International.
November 3:
Round-2 Mother of The National Cup.
November 4:
Round-2 President’s Cup.
November 10-12:
Grand Slam Rio de Janeiro.
November 24-26:
World Championship, Columbia.
November 30:
World Beach Championship, Columbia.
December 8-9:
Dubai International.
December 23:
Round-3 President’s Cup, Sharjah.
January 12-13:
Grand Slam Abu Dhabi.
January 26-27:
Fujairah International.
February 3:
Round-4 President’s Cup, Al Dhafra.
February 16-17:
Ras Al Khaimah International.
February 23-24:
The Challenge Championship.
March 10-11:
Grand Slam London.
March 16:
Final Round – Mother of The Nation.
March 17:
Final Round – President’s Cup.
