Tabreed reports solid results for the first half of 2019 with underlying net profit up 11%
- Group revenue increased by 3% to AED 671.9 million (H1 2018: AED 650.7 million)
- Core chilled water revenue increased by 3% to AED 634.4 million (H1 2018: AED 617.3 million)
- EBITDA increased by 12% to AED 366.0 million (H1 2018: AED 326.1 million)
- Net profit attributable to the parent was AED 199.4 million, an increase of 11% on H1 2018, when the latter is adjusted for the profit from partial sale of Saudi Tabreed that occurred in the first half of last year
- Share of results of associates and joint ventures decreased by 13% to AED 40.2 million (H1 2018: AED 46.0 million)
- Total Group connected capacity across the GCC increased to 1,145,847 Refrigeration Tons (RT), with 14,468 RT of new customer connections added in the first half of the year as follows:
- 6,068 RT in the United Arab Emirates
- 8,400 RT in Oman as a new plant came into service
- 656 million kilowatt hours was saved across the GCC – enough energy to power approximately 37,368 homes in the UAE
- These power savings prevented the release of 392,000 tons of carbon dioxide into the atmosphere – the equivalent of eliminating the emissions of 85,279 vehicles annually
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