Tabreed’s net profit increase 4pc to $69m
ABU DHABI, October 30, 2015
National Central Cooling Company (Tabreed), a leading UAE-based district cooling utility infrastructure company, has posted a four per cent increase in net profit to Dh253.8 million ($69 million) during the third quarter of the year.
The company has connected more than 15,000 refrigerated tonnes (RT) to customers in key markets across the GCC, while bringing to a successful conclusion the repurchase of 28 per cent of the outstanding mandatory convertible bonds, said a statement.
The core chilled water revenue increased four per cent to Dh834.2 million, it said.
Waleed Al Mokarrab Al Muhairi, Tabreed's chairman, said: "In the current economic climate, Tabreed distinguishes itself by having a robust utility infrastructure business which delivers consistent and sustainable results.
“As an organisation, we will continue to benefit from the strength of our long-term customer relationships, as well as from a steady increase in the number of companies across the region that are actively looking to utilise energy-efficient and environmentally-friendly cooling solutions for their projects."
Jasim Husain Thabet, Tabreed's chief executive officer, added: " Tabreed has a stable utility infrastructure business model that delivers consistent and recurring revenues year-on-year.
“Looking forward, we anticipate this pattern will continue as we look to grow our business in a sustainable manner that enhances shareholders value and delivers long-term returns to all of our stakeholders." - TradeArabia News Service
