News Column

Abu Dhabi's Tabreed sees 17% half-year profit growth

July 24, 2014

Staff Report



Dubai:

Abu Dhabi-based National Central Cooling Company (Tabreed) reported on Thursday a 17 per cent half-year net profit increase to Dh148.6 million.

For the six months ending June 30, 2014, core chilled water revenue increased by 4 per cent to Dh483.1 million while core chilled water profit from operations increased by 4 per cent to Dh172.8 million.

Tabreed reported Dh526.3 million in group revenue, up 6 per cent from the same period last year, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 5 per cent to Dh259.9 million.

"In addition to a strong financial performance, Tabreed reached several important operational milestones in the first half of 2014, underlined by the renewed master services agreement signed with the UAE Armed Forces, which is valued at Dh6 billion over the next 20 years, as well as our expanding regional footprint," stated Waleed Al Mokarrab Al Muhairi, Tabreed's Chairman.

Tabreed has 67 district cooling plants across the GCC including to the Shaikh Zayed Grand Mosque in Abu Dhabi, the Dubai Metro, the Pearl in Qatar and the Jabal Omar Development Project in Makkah.

"During the first half of 2014, we successfully leveraged our economies of scale to connect new customers to our plants, with just over 87,000 RT (tonnes of refrigeration) connected during this period. This increasing demand for district cooling is driven by a robust economy and a maturing market, as companies today are actively seeking to reduce their organisations' carbon footprint," stated Jasem Hussain Thabet, Tabreed's Chief Executive Officer.


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Source: Gulf News (United Arab Emirates)


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