District Cooling developer Tabreed reports 16.5% Net Income increase

  • Industry News
  • 23 February 2021
  • by Tabreed / ENGIE

Tabreed, whose largest shareholders include ENGIE, has announced a 16.5% increase in 2020 net income

 

Please note that this article and any associated images were originally published by Tabreed, here. here.

Leading UAE-based international district cooling developer Tabreed, whose largest shareholders include ENGIE, have released their audited financial results for 2020. Tabreed reported a 16.5% increase in 2020 net income to AED 550 Million, adding 39.6k Refrigeration Tons (RT) of organic capacity growth and 181.5k RT of inorganic capacity additions, resulting in the delivery of 1,403,819 RT of cooling capacity at the end of the calendar year.

 

Despite a challenging business environment through a large part of the year, Tabreed announced a number of notable achievements during 2020, including the acquisition of the world’s largest district cooling scheme in Downtown Dubai with a total capacity of 235,000RT and two concessions with a total capacity of 88,000RT in Saadiyat Island.

 

Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “This is a historic achievement for Tabreed and a truly transformational transaction for the company, accelerating our growth trajectory and consolidating our position in Dubai. Tabreed is an international powerhouse in district cooling, with over 22 years of experience, operational excellence across 83 plants and investments in six countries. This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position. We are well placed to take advantage of growth opportunities and expect our enhanced presence within the Dubai market to further enable us to reach our long-term objectives.”

 

 

For more information, please visit www.tabreed.ae or contact:

National Central Cooling Company PJSC (Tabreed)

Tel: +9712 2020400

Mob: +971 50 446 5191

Email: media@tabreed.ae

 

ENGIE HQ Press contact:

Tel. France: +33 (0)1 44 22 24 35

Email: engiepress@engie.com

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