Tabreed announces 10% revenue increase in Q3
Earnings up and EPS down on 2010 in Q3 financial results
The National Central Cooling Company, Tabreed, has released its unaudited consolidated third-quarter financial results, registering a robust operational performance driven by its chilled water business.
Group revenue has increased by 10 per cent to AED842 million, compared toAED763 million for the same period in 2010. Whilst earnings compared to 2010 have increased, as expected, with the increase in share capital from 243,380,000 to 659,063,000 (from the settlement of the 2008 Sukuk) and the inclusion of the AED 1.7 billion Mandatory Convertible Bond and the AED 825 million from the Subordinated Bridge Loan, Earnings per Share reduced from AED 0.31 to AED 0.07 over the same period in 2010
Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said:
“As these results demonstrate, Tabreed continues to improve its performance, with revenue and net profit increasing throughout the year. The Company is well positioned to deliver consistent value. Operationally, Tabreed has delivered a number of vital projects during this period and will continue to benefit from improved operational efficiencies and economies of scale. Tabreed’s track record and experience of successfully delivering pioneering projects makes it a vital partner in developing our region’s infrastructure and supporting our economic growth.”