TABREED
Dubai – Mubasher: The National Central Cooling Company (Tabreed) on Wednesday stated that its profits tumbled 12% in the third quarter of 2017, compared to the year-ago period.
Tabreed’s net profits reached AED 96.35 million ($26.23 million) in Q3-17, compared to AED 109.39 million ($29.77 million) in Q3-16, according to a statement to the Dubai Financial Market (DFM).
Year-on-year, the company’s revenues levelled up 7.4% to AED 409.81 million, from AED 381.68 million.
Operating costs increased 17.8% to reach AED 262.89 million in Q3-17, compared to AED 223.34 million in the same period in the year before.
The firm attributed the decline in its year-on-year profits to a decrease in financial results of associate and consortium companies by 10% to AED 28.63 million in Q3-17, from AED 31.7 million in Q3-16.
At the level of the first nine months of 2017, Tabreed’s profits surged 22%, reaching AED 289.30 million, compared to AED 237.22 million in the corresponding period in 2016.
The rise of nine-month period is attributed to a 9% growth in revenues to reach AED 1.049 billion in Q3-17, an increase in profits of associate firms and joint projects by 14% year-on-year to AED 91 million, from AED 79.9 million.