Tabreed’s Q2 net profit climbs on Downtown Dubai asset acquisition – The National

Tabreed’s Q2 net profit climbs on Downtown Dubai asset acquisition – The National

The power utility company also reported a 13% rise in its first-half net income





























Tabreed second quarter net profit climbed 19% on its Downtown Dubai asset acquisition earlier in the year. Victor Besa / The National





















July 26, 2020



July 26, 2020













Tabreed, in which France's Engie and Abu Dhabi's Mubadala Investment Company hold stakes, reported a 19 per cent rise in its second-quarter net profit driven by the acquisition of the Downtown Dubai district cooling business.



Net income attributable to equity holders of the parent for the three months ending June 30 climbed to Dh142.1 million, the company said in a statement on Sunday to the Dubai Financial Market, where its shares trade.



"Tabreed has established a leading position in the district cooling industry, with a clear vision to deliver consistent and sustainable results to investors and shareholders,“ Bader Al Lamki, Tabreed's chief executive, said. "Moving forward, we remain well-positioned to continue to capture growth opportunities despite the unprecedented global pandemic.“





Revenue for the period rose 11 per cent year-on-year to Dh415.65m. Direct costs