National Central Cooling Company PJSC (Tabreed) has announced a 29% increase in net profit to $45.6m (AED167.6m) for the first nine months of 2012 compared to the same period last year.
Group revenue remained unchanged at $229.2m (AED 842m) “in line with expectations as the company continues to phase out its non-core value chain businesses”, a statement said.
Net finance costs decreased by 26% to $35m (AED 128.6m), while chilled water revenue increased by 5% to $203.5m (AED 747.6m), with profits from chilled water operations increasing by 21% to $69.7m (AED 255.9m).
Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, said: “Tabreed’s strategy – to grow its core chilled water business – continues to deliver strong financial results. I am pleased with our performance to date and expect us to finish the year strongly under Jasim’s leadership. Tabreed remains in a strong position to capitalize on regional demand for district cooling and focused on creating sustainable value for all its stakeholders.”
Jasim Thabet, Tabreed’s CEO, added: “Tabreed’s robust performance reflects our strong business fundamentals. Increased customer connections coupled with improved efficiencies in the chilled water business and a decline in finance costs drove net profit up 29% during the period. Since Q3 2011, Tabreed has added 32,000 RT [refrigeratioin tonnes] in customer connections, bringing its total customer connections in the GCC to 745,025 RT, and solidifying its position as the partner of choice for leading private and government institutions in the region.”
Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through affiliates and subsidiaries. The company also has six plants in other GCC nations, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through affiliates and subsidiaries.