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19 March 2024

Tabreed Q2 profit jumps 37%

Published
By Reuters

District cooling firm Tabreed, partly owned by Abu Dhabi state fund Mubadala , on Thursday reported a 37 per cent increase in second-quarter net profit, helped by growth in its core chilled water business and lower costs.

The Dubai-listed firm posted a net profit of Dh79.4 million ($21.6 million) for the three months to June 30, compared with Dh57.9 million for the same period last year, it said in a statement.

Tabreed, which provides cooling systems to residential and commercial properties in the Gulf, said operating costs for the quarter decreased to Dh144.6 million from Dh178.2 million.

Quarterly group revenues dropped 6 per cent to Dh278.7 million as the company continued to wind down non-core businesses.

Tabreed secured Dh3.1 billion of financing from Mubadala in March 2011 to help tackle its debt pile. The firm also agreed to issue Dh1.13 billion in convertible bonds to Mubadala as part of a recapitalisation plan.

Tabreed shares have risen 72 per cent year-to-date, making the firm one of the best performing stocks in Dubai's index.