It confirmed remote management of its stations in the UAE during the third quarter

One billion dirhams of liquidity «Tabreed»

  • Tabreed continued its growth in 2019 and 2020.

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  • Badr Al-Lamki: “The refrigeration capacity in which the company is currently operating reaches more than 1.4 billion tons.”

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The CEO of the National Central Cooling Company (Tabreed), Badr Al-Lamky, said that the company's liquidity exceeds one billion dirhams now, as a result of the company's strong financial position and its great readiness for future growth.

Al-Lamki added, in a virtual press conference held by the company yesterday, that the effect of the Corona pandemic on Tabreed was positive from the operational point of view, and adjustments were made in the management of operational processes in order to ensure the continuation of the service with high efficiency without interruption.

He mentioned that the pandemic supported the remote management of cooling stations, indicating that all Tabreed stations in the UAE (86 stations) will be managed remotely, using the latest artificial intelligence technologies, before the end of the third quarter of this year, while the stations will be managed remotely. Outside the Emirates next year.

growth

Al-Lamki confirmed that Tabreed continued to grow during the years 2019 and 2020, despite the difficult conditions imposed by the pandemic, and acquired many concessions and stations, not only in the Emirates, but also by obtaining additional shares in “Saudi Tabreed”, and working in markets outside the Emirates. , Most notably Bahrain, Oman, Egypt and India.

He pointed out that Tabreed has long-term concession contracts ranging from 25 to 30 years, which ensures the preservation of sustainable financial returns for a long period.

Cooling power

Al-Lamky explained that the refrigeration capacity in which the company is currently operating reaches more than 1.4 billion tons of refrigeration, while growth is expected to continue this year, after the company succeeded in achieving net profits estimated at 550 million dirhams last year, an increase of 16.5%. After adding 40,000 refrigeration tons through new customers to the company from the current stations, which is more than half of the target during the years 2020 and 2021, which is 75,000 refrigeration tons and more than 181,000 refrigeration tons through acquisitions.

Bonds

The CEO of Tabreed pointed out that the company offered bonds worth $ 500 million (1.8 billion dirhams) for seven years, explaining that five times the required amount was covered in a short period, and more than 90% of the applicants were foreign investors. .

4 pilot projects

The Executive Vice President for Operations and Maintenance at Tabreed, Atef Al-Braiki, announced the launch of four pilot projects as part of the company's commitment to expanding funding in the field of research and development, to contribute to increasing the company's operational efficiency, in addition to increasing the useful life of district cooling plants and enhancing their confidence. Tabreed's firm commitment to sustainability and achieving many environmental benefits.

He pointed out that the financing is expected to contribute to increasing the energy efficiency of the plants by 30% compared to industry performance standards, as well as reducing the overall life cycle costs of the cooling plant.

The company achieved net profits of 550 million dirhams in 2020.

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