Tabreed H1 profit soars 34pc
Abu Dhabi, August 1, 2013
National Central Cooling Company (Tabreed), the leading Abu Dhabi-based district cooling utility company, reported a first half net profit increase of 34 per cent to Dh127.2 million ($34.62 million), compared to Dh94.7 million during the same period last year.
The company’s strong performance was driven by new customer connections as well as improved operating efficiencies and lower finance costs, said a statement.
The company's core chilled water revenue increased by 4.4 per cent to Dh464.8 million (H1 2012: Dh444.9 million) and the core chilled water profit from operations increased by 7 per cent to Dh166.4 million (H1 2012: Dh155.5 million).
In line with expectations as the company continued to phase out the non-core businesses, group revenue declined by 3.6 percent to Dh497.2 million (H1 2012: Dh515.7 million)
The EBITDA increased by 7.8 per cent to Dh240.5 million (H1 2012: Dh223 million)
, whicle net finance costs decreased by 13.6 per cent to Dh75.3 million (H1 2012: Dh87.2 million)
Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, said: “These robust results demonstrate the benefits of the company's steadfast focus on growing our core chilled water business while improving operational efficiency and cost discipline. Our energy-efficient, cost-effective and environmentally-friendlier cooling delivers sustainable solutions that help to address the region's energy challenges and contribute to its world-class infrastructure development.”
Jasim Thabet, Tabreed’s CEO, added: “Our strong financial and operational performance underpins the strength of Tabreed and positions us well on the way to meeting our objectives for the year. With connected capacity now reaching a record high of 813,000 RT, we are proud to continue to be the world's largest district cooling provider and a partner of choice for leading government and private organizations in the region.”
Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, World Trade Center Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and Bahrain Financial Harbour. - TradeArabia News Service