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Is there a free profinite abelian group on a profinite set?

Let $Profinite_{Ab}$ be the category of profinite abelian groups, and let $Profinite_{Set}$ be the category of profinite sets. Does the forgetful functor

$$Profinite_{Ab} \to Profinite_{Sets}$$

admit a left adjoint?

I am a beginner to this kind of question; I do not even know if both the domain and codomain categories admit all small colimits.