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Abu Dhabi's National Central Cooling Company (Tabreed) has released 2012 first quarter results that show a 15% rise in profits over the same quarter last year. The company has seen revenue from chilled water grew by 5% over the same period, whilst chilled water profits were up 29% at US $19.9 million. The company has attributed this performance to its efforts to lower operating costs and improving operational efficiency.
Tabreed's chairman Waleed Al Mokarrab Al Muhairi said, "Our performance in the first quarter of 2012 builds upon last year's achievements in establishing Tabreed as a stable utility business. I am pleased Tabreed recorded increased operating and net profit while delivering on its strategy of focusing on its core chilled water business. Looking ahead, Tabreed will continue to grow by delivering its scheduled build-out programme".
The company reported that operating costs had fallen 25% over last year's first quarter, whilst capacity has been boosted by the addition of a new plant coming online during the quarter. The company announced a 34% increase in net profits in its full-year 2011 results in February of this year.