Dubai – Mubasher: The UAE-based National Central Cooling Co (Tabreed) on Wednesday reported a 9.9% year-on-year profit rise in the third quarter of 2018, compared to the year-ago period.

Tabreed’s profit reached AED 107.4 million ($29.25 million) in Q3-18, compared to AED 97.7 million ($26.60 million) in Q3-17, according to a statement to the Dubai Financial Market (DFM).

During the first nine months of 2018, the firm’s profit rose 10% to AED 319.9 million, against AED 290.4 million in the year-ago period.

Year-on-year, earnings per share (EPS) amounted to 7.8 fils by the end of September, up from 7.1 fils.

“In Q3 we received new investment grade ratings from Moody’s and Fitch, which is a strong endorsement of Tabreed’s strong utility business model,” the Dubai-based utility’s chairman Khaled Abdulla Al Qubaisi said.