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Tabreed Q1 profit up 3%

Tabreed Q1 profit up 3%
Revenue increased by 2% to AED 274.4 million in the three-month period ended March 2018
Tabreed
TABREED
-3.86% 3.24 -0.13

Dubai – Mubasher: National Central Cooling Company (Tabreed) on Thursday reported a 3% year-on-year increase in net profit for the first quarter of 2018, recording AED 77.7 million from AED 75.4 million.

Revenue increased by 2% to AED 274.4 million in the three-month period ended March 2018, versus AED 270.2 million in Q1-17, Tabreed said in a filing to the Dubai Financial Market (DFM).

Moreover, earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 6% to AED 148.6 million in Q1-18, from AED 140.8 million in the prior-year period.

The share of results of associates and joint ventures declined by 4.8% to AED 21.8 million in Q1-18, compared to AED 22.9 million in Q1-17.

It is worth noting that Tabreed had achieved around AED 109.7 million ($29.86 million) in net profit for Q4-17, compared to a net profit of AED 98.1 million ($26.7 million) in Q4-16.