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Tabreed 9M profit climbs 21% to AED 244m

Tabreed 9M profit climbs 21% to AED 244m
Tabreed
TABREED
-0.31% 3.23 -0.01
The Abu Dhabi-based National Central Cooling Co. (Tabreed) released on Thursday financial results for the period ending on Sept. 30, 2014.

These results reflected a net profit attributable to the parent reaching AED 244.5 million net earnings during the nine-month period, an increase of 21% compared to figures from the year-ago period.

Tabreed reported 100,000 Refrigerated Ton (RT) of new customer connections added throughout the year. Moreover, the highlight of the company’s Q3 performance was the signing of a long-term agreement with Meraas Leisure and Entertainment to supply district cooling services to the new Dubai Parks and Resorts development in Jebel Ali.

The Company revealed its financial highlights for nine months ended 30 September 2014, which included:

Net profit attributable to the parent increased by 21 per cent to AED 244.5 million (Q3 2013: AED 202.3 million)

Core chilled water revenue increased by 4 per cent to AED 804.9 million (Q3 2013: AED 775.9 million)

Core chilled water profit from operations increased by 6 per cent to AED 281.7 million (Q3 2013: AED 266.4 million)

Group revenue increased by five percent to AED 870.7 million (Q3 2013: AED 826.5 million) EBITDA increased by eight per cent to AED 411.7 million (Q3 2013: AED 382.9 million) Meanwhile, its operational highlights for the same nine months ended 30 September 2014 involved signing a long-term agreement with Meraas Leisure and Entertainment to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali, added to 99,700 RT of new customer connections added across the Group. Moreover, Tabreed reported total group connected capacity across the GCC increased by 12 per cent to 938,800 RT.

Commenting on the company’s performance, Chairman Waleed Al Mokarrab Al Muhairi said: “Our core chilled water business continues to deliver strong returns, which is again demonstrated by this set of strong year-to-date results, with net profit for the first nine months of the year reaching a record high of AED 244 million. Just as importantly, we continue to see an increased awareness of the energy and environmental benefits of district cooling, which has resulted in almost 100,000 RT of new connections made throughout the region".

He further commented: “Looking ahead, we are confident that Tabreed’s regional experience, coupled with our partnership approach, as demonstrated by our recent agreement with Dubai based Meraas Leisure and Entertainment, will enable us to further support the development of key infrastructure projects across the GCC region.”

Tabreed CEO Jasim Husain Thabet added: “It has been another quarter of growth driven by improved operational efficiencies, reduced finance costs and a 12% increase in connections as real estate projects in our key markets continue to come online. Today, bolstered by major connections in Qatar, Saudi Arabia and the UAE, our total group capacity approaches one million tons of cooling delivered to developments that aim to diversify and grow these nations’ respective economies.”