Tabreed net profit up 15pc
Abu Dhabi, January 26, 2014
National Central Cooling Company (Tabreed), a leading Abu Dhabi-based district cooling utility company, said its net profit increased by 15 per cent to Dh272.4 million ($74.1 million) last year, as compared to Dh236.3 million in 2012.
Tabreed’s core chilled water revenue increased to Dh1,027.4 million, up four per cent, while its profit from operations increased by six per cent, said a statement.
The revenue of the company’s non-core business, however, declined two per cent to Dh1,100.2 million in line with expectations.
Its net finance costs decreased by 19 per cent, which the cash generated from operations grew by 51 per cent to Dh598 million.
The company’s performance was driven by the core chilled water business, with over 70,000 refrigerated tonne (RT) of new customer connections made in the year, including major projects such as Yas Mall, World Trade Center Mall and Saudi Aramco.
Waleed Al Mokarrab Al Muhairi, chairman, said: “We are pleased to announce another year of strong growth in both net income and cash generated from operations. Tabreed’s financial and operational performance in 2013 reinforces its position as a leading utility infrastructure company distinguished by operational excellence and one that delivers consistent, sustainable results to all its stakeholders.”
Jasim Husain Thabet, CEO, added: “Building upon the achievements of previous years, Tabreed’s operations in the UAE and across the region continued to grow and we successfully connected key projects such as the World Trade Center Mall in Abu Dhabi.
"Likewise, our affiliate Qatar Cool, connected more than 18,000 RT in 2013, bringing our total connected capacity across the group to a world leading 839,000 RT.” - TradeArabia News Service