Tabreed records 29% rise in net profits
Year-to-date performance up on increased customer connections
Abu Dhabi’s National Central Cooling Company (Tabreed) has released its consolidated Q3 2012 results, showing a 29% rise in net profits in the nine month period to 30 September. Net profits stood at US $45.6 million, compared with $35.3 million in the same period of 2011.
Customer connections were increased by almost 18,000 RT in Q3, whilst chilled water revenue was up 5% at $203.5 million. Installed capacity remained unchanged at 767,125 RT, whilst connected capacity increased to 745,025 RT.
“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 capitalise on regional demand for district cooling and focused on creating sustainable value for all its stakeholders,” said Tabreed chairman Waleed Al Mokarrab Al Muhairi.
Tabreed CEO, Jasim Thabet, added: “Tabreed’s robuts 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 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.”
The firm’s net finance costs reduced by 26%, down to $35 million over the period.