Surge in sales boosts Tabreed profit by 4%

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Surge in sales boosts Tabreed profit by 4%
Tabreed has 69 district cooling plants across the GCC and provides services to many of the region's critical developments. - Supplied photo

Abu Dhabi - The strong growth in sales resulted in four per cent year-on-year rise in net profit to Dh253.8 million.

By Haseeb Haider

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Published: Thu 29 Oct 2015, 11:00 PM

Last updated: Fri 30 Oct 2015, 9:19 AM

National Central Cooling Company or Tabreed's total group connected capacity across the GCC reached 954,000 refrigerated tonnes or RT in the first nine months of the year.
In the last nine-months the cooling company reported 15,200 RT of new customer connections in the GCC with Oman becoming the leading market with 5,000 RT of new customer connections; followed by Saudi Arabia with 4800 RT; Qatar with 3,000 RT. At the home turf, the UAE Tabreed reported adding 2400 RT of new connections.
The strong growth in sales resulted in four per cent year-on-year rise in net profit to Dh253.8 million.
Core chilled water revenue increased by four per cent year-on-year to Dh834.2 million.
In the current economic climate, Waleed Al Mokarrab Al Muhairi, Tabreed's chairman, said: "Tabreed distinguishes itself by having a robust utility infrastructure business which delivers consistent and sustainable results."
As an organisation, the chairman said, "We will continue to benefit from the strength of our long-term customer relationships, as well as from a steady increase in the number of companies across the region that are actively looking to utilise energy-efficient and environmentally-friendly cooling solutions for their projects." Share of results of associates and joint ventures increased by 12 per cent to Dh59.7 million.
Group revenue increased by two 2 per cent year-on-year to Dh891 million.
Jasim Husain Thabet, Tabreed's chief executive officer, added: "Tabreed has a stable utility infrastructure business model that delivers consistent and recurring revenues year-on-year." Looking forward, the chief executive anticipated "this pattern will continue as we look to grow our business in a sustainable manner."
Tabreed has 69 district cooling plants across the GCC and provides services to many of the region's critical developments including all the projects on Abu Dhabi's Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall. Other landmark projects served by Tabreed include Shaikh Zayed Grand Mosque, Dubai Metro, the Pearl - Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.
- haseeb@khaleejtimes.com



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