Tabreed’s net profit increases 6% to Dh269 million
abu dhabi — National Central Cooling Company (Tabreed), the leading UAE-based district cooling utility infrastructure company, on Thursday released its 2016 third quarter consolidated financial results. Tabreed continues its strong performance, connecting more than 30,000 Refrigeration Tons (RT) to customers in key markets across the GCC, including the Dubai Parks and Resorts, which enabled it to surpass 1 million RT.
Net profit attributable to the parent increased by six per cent to Dh269.3 million from Dh253.8 million in the third quarter of 2015. Group revenue increased by six per cent to Dh960.3 million from Dh904.3 million in the corresponding quarter of 2015. Core chilled water revenue increased by four per cent to Dh870.6 million; share of results of associates and joint ventures increased by 34 per cent to Dh79.9 million.
Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, said: “Tabreed’s ongoing momentum imparts strength and confidence. It demonstrates our ability to consistently deliver stable returns for our shareholders and reinforces our standing as one of the region’s leading district cooling companies. Our strong quarterly performance is accompanied by Tabreed surpassing 1 million Refrigeration Tons, a significant milestone that positions us for continued growth. This is a sound testament to the steady increase in the number of companies across the region that are actively looking to utilize energy-efficient and environmentally-friendly cooling solutions for their projects.”
Jasim Husain Thabet, Tabreed’s chief executive officer, added: “The achievement of our recent milestone with one of the largest multithemed leisure and entertainment destinations in the Middle East, Dubai Parks & Resorts, showcases our commitment to deliver district cooling services to iconic projects enabling energy savings leading to a positive contribution to the environment. Our strong and consistent performance demonstrates our robust business strategy which is aimed at future growth across the UAE and GCC. We remain intensely focused on shareholder returns and identifying opportunities that increase our presence locally and throughout the region. We will continue to leverage our operational knowledge and capabilities.”
— business@khaleejtimes.com
to sustainably grow our business and contribute to the region’s growth.” — business@khaleejtimes.com