Wednesday, November 8, 2017

Tabreed’s net profit surges 8pc in Q3

The National Central Cooling Company (Tabreed), a leading UAE-based district cooling utility company, has registered a net profit of Dh290.4 million ($79 million) for the third quarter, up 8 per cent compared to Dh269.3 million ($73.3 million) for the same period in 2016.

Announcing the results for the nine months ending September 30, Tabreed said its group revenue surged  by 9 per cent to Dh1.05 billion comparing to Dh960.3 million for Q3 2016, while its core chilled water revenue increased by 14 per cent to Dh993.5 million from Dh870.6 million the previous year.

The Emirati company's ebitda increased by 7 per cent to hit Dh464.6 million compared to last year's Dh434.8 million. The share of results of associates and joint ventures increased by 14 per cent to Dh91 million from Dh80 million last year.

Commenting on the performance, Chairman Khaled Abdulla Al Qubaisi said: "Tabreed’s continuing growth for the third quarter reinforces our position as a leading and best in-class district cooling company. It reiterates the confidence of our shareholders in our ability to execute our strategy and deliver consistent results."

CEO Jasim Husain Thabet said the company's ongoing growth reflects its commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions.

"At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Sharia compliant, which should contribute to an expanded shareholder base," noted Thabet.

"As we look ahead, we will harness our operational knowledge and capabilities towards continued growth with ongoing contribution to the region’s sustainable development," he added.-TradeArabia News Service

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