9% net profit boost in Q2 for Tabreed
Company announced $78m in group revenues for second quarter
Tabreed, one of the region’s largest district cooling firms, has posted a nine per cent increase in net profit for 2011’s second quarter, up 31 per cent on last year’s trading.
Compared to the first quarter of 2011, group revenues grew 17 per cent to $78m, while gross profits increased 15 per cent to $32m. A reduction of $6.8m in finance costs as a result of the closure of the recapitalisation program contributed to net profits increasing 37 per cent to $7.3m.
Sujit Parhar, Tabreed’s CEO, said: “Our strong results prove Tabreed’s cash-generating capabilities. Our strategy of developing the business for the longer term by focusing on the core business of chilled water is paying off – this business segment has contributed over 90 per cent of the total EBITDA in H1 2011. Our diversified customer base, long-term contracts, stable cost structure and strengthened corporate governance ensure that we are well positioned to deliver on our stated business plan.”