Tabreed reports 25% rise in H1 2012 net profits
Profits from chilled water operations at DC firm reach $42.3m
National Central Cooling Company PJSC (Tabreed) has reported first half 2012 results that show a 25% increase in net profits attributable to the parent, up to US $25.8 million from $20.6 million in H1 2011. Chilled water revenue was up 5% at $121.1 million, whilst chilled water profits from operations increased by 20% to $42.3 million. Group revenue was down 3% at $140.4 million, which the company says was in line with expectations following the continuing process of phasing out non-core value chain businesses.
Over the first half of 2012, Tabreed has completed one plant expansion and added 8,000 RT gross capacity, with total installed capacity reaching 767,125 RT. Connected capacity stood at 727,256 RT.
“In the first six months of 2012, Tabreed delivered strong financial and operational results underpinned by continued cost control, improved efficiencies and a strong performance by the company’s chilled water business. In line with our strategy, we remain focused on growing this segment while delivering sustainable returns and creating long-term value for our stakeholders,” said Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman.
“Today, Tabreed delivers over 727,000 RT of cooling to customers across the region, and has established itself as the partner of choice for leading government and private organisations in the GCC,” added Sujit Parhar, the company’s CEO..
The company operates 59 cooling plants across the UAE, with an additional seven operate through subsidiaries and affiliates. It has a further six plants located throughout the GCC, including in Qatar and Bahrain.