Abu Dhabi-based National Central Cooling Company (Tabreed) has posted a year-to-date net profit of Dh167.6 million ($45.6 million) as against Dh129.8 million for the same period last year, marking a rise of 29 per cent.

Chilled water operations and cost discipline continue to drive profitability, with the company increasing its customer connections by nearly 18,000 RT in the third quarter of 2012, it said in a statement.

Group revenue remained unchanged at Dh842.0 million in line with expectations as the company continues to phase out its non-core value chain businesses, the statement said.

Chilled water revenue increased by 5 per cent to Dh747.6 million, as against Dh711.5 million in year-to-date (YTD) of 2011.

Profit from chilled water operations increased by 21 per cent to Dh255.9 million (2011 YTD: Dh212.0 million) as the company generated further value from its economies of scale and enhanced efficiencies.

EBITDA increased by 12 per cent to Dh362.2 million (2011 YTD: Dh323.7 million).

Net finance costs decreased by 26 per cent to Dh128.6 million as against the 2011 YTD of Dh174.7 million.

“Tabreed’s strategy - to grow its core chilled water business - continues to deliver strong financial results.  I am pleased with our performance to-date and expect us to finish the year strongly under Jasim’s leadership,” said Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman.

“Tabreed remains in a strong position to capitalize on regional demand for district cooling and focused on creating sustainable value for all its stakeholders.”

Jasim Thabet, Tabreed’s CEO, added: “Tabreed’s robust performance reflects our strong business fundamentals.  Increased customer connections coupled with improved efficiencies in the chilled water business and a decline in finance costs drove net profit up 29 per cent during the period.”

“Since Q3 2011, Tabreed has added 32,000 RT in customer connections, bringing its total customer connections in the GCC to 745,025 RT, and solidifying its position as the partner of choice for leading private and government institutions in the region.”

Tabreed currently has 59 district cooling plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through its affiliates and subsidiaries.  The company also has six plants in the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through its affiliates and subsidiaries. – TradeArabia News Service