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Tabreed profits rise 46 per cent

ABU DHABI - National Central Cooling Co. (Tabreed) has posted a net profit of Dh23.5 million in the second quarter 2008, compared to Dh12.72 million in the same quarter in 2007, depicting a growth of 45.87 per cent.

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The gross profit of Dh76.35 million in the second quarter of 2008 was up against Dh58.23 million, or 43 per cent higher, in the corresponding period.

Tabreed’s total assets swelled from Dh4.51 billion to Dh6.83 billion over the course of the second quarter.

The district cooling company has shown revenue of Dh173.37 million for the second quarter of the 2008 financial year, a 42-per cent increase over the second quarter of 2007.Commenting on the company’s first half results, Tabreed’s chairman, Khadem Al Qubaisi, said that the company's second quarter showed great improvement as net income for the second quarter rose more than 85 per cent from last year. 'We are very confident that our earnings growth will continue to expand at a fast pace, particularly after signing a number of significant contracts in the UAE and abroad,' he said.

'Additionally, we recently announced our plan to launch a new business model within Tabreed which will allow us to fund growth whilst providing increased shareholder value. The new business model is focused on our mission to continually increase shareholder returns and the company’s profits,' he added.

Tabreed will form a new asset holding company into which existing assets will be transferred at a fair market value.