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Tabreed posts Dh34 million profit for H1 2007
DUBAI — National Central Cooling Co., Tabreed, posted a net profit of Dh34 million for the first half of 2007, up from Dh32.5 million over the same period last year.
Tabreed's revenues are at Dh244.35 million compared to Dh231,46 million, representing an increase of 5.5 per cent over the same period in 2006. Profit from operations soared to Dh120.38 million compared to Dh105.6 million, a 14 per cent increase over the same period in 2006.
As of June 30, 2007, the company's total assets increased to Dh4.37 billion from Dh4.18 billion as at December 31, 2006. Shareholder's equity expanded to Dh1.35 billion up from Dh1.30 billion at the end of 2006.
Tabreed's Chairman, Mohamed Saif Al Mazrouei said: "It has been an extremely positive performance from the company, which continues to grow at an exceptionally fast pace, fuelled by contributions from a significant number of new district cooling schemes in the UAE and abroad.
"In addition to our strong business progress, Tabreed, through its subsidiary A&T Cool, recently won a massive order from Abu Dhabi's leading real estate developer Aldar Properties to provide cooling services of one million tonnes of refrigeration for its new projects.
"We look forward to a period of increased expansion, more revenue inflows from projects coming online and are confident of an even stronger performance in the second half of the year."
Tabreed recently won two awards for 'total buildings committed or connected to service', and total square footage in the beyond North America region, from the US-based International District Energy Association (IDEA) which works to advance global environmental quality through efficient district energy systems.
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