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Tabreed net profit increases 20pc to $88m

ABU DHABI, January 23, 2015

National Central Cooling Company (Tabreed), a leading Abu Dhabi-based district cooling utility company, has posted  an profit increase of 20 per cent to Dh325.7 million ($88.6 million).

In addition to connecting over 118,000 tonnes of cooling (RT) to customers, the company's strong performance was bolstered by major milestones reached in its home market of the UAE and also across the GCC region.

The core chilled water profit from operations increased by three per cent to Dh359.3 million, said a statement.

The group revenue increased three per cent to Dh1.1 billion, while the earning before interest, tax, depreciation and amortisation increased five per cent to Dh534.9 million, it said.

Waleed Al Mokarrab Al Muhairi, chairman, said: "2014 represented the strongest year in Tabreed 's history, with group net profit increasing by 20 per cent to approximately Dh326 million, the highest level since the company's inception in 1998.

“Our core chilled water business continues to perform well and exceed growth forecasts, with total connected capacity across the group now approaching 1 million tons of cooling delivered to many of the region's most critical landmarks and infrastructure projects."

"We continue to see a rise in demand for district cooling across the GCC, especially in Saudi Arabia and Qatar, where we connected over 31,000 RT and 16,000 RT, respectively, and solidified our position as the only district cooling company that operates across the whole region,” Al Muhairi added. - TradeArabia News Service




Tags: abu dhabi | Tabreed | increase | profit |

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