Tabreed reports first-quarter profit rise on the back of lower costs – The National

Tabreed reports first-quarter profit rise on the back of lower costs – The National

Tabreed reports first-quarter profit rise on the back of lower costs. Net profit climbs 3% to Dh82.2m despite a 1% fall in revenue. Tabreed, in which France's Engie and Abu Dhabi's Mubadala Investment Company hold stakes, reported a 3 per cent rise in first-quarter net profit on the back of a reduction in costs.. Net profit attributable to equity holders of the parent for the three months ending March 31 climbed to Dh82.2 million, the company said in a statement to Dubai Financial Market, where its shares trade.. Tabreed currently operates in the UAE, Saudi Arabia, Bahrain, Qatar and Oman.. Last month, the company bought a majority stake in Emaar Properties' Downtown Dubai district cooling business for Dh2.48bn.. The transaction with Emaar Properties will result in Tabreed controlling 80 per cent of the district cooling scheme serving Downtown Dubai, one of the biggest in the world, while Emaar will retain the remaining stake as part of a long-term partnership with Tabreed, the companies said last month.. The deal is Tabreed's second acquisition this year.. In January, the company bought cooling plants in Masdar City and said it will explore the development of large-scale cooling plants in Sharjah through a venture