Tabreed reports 29% rise in full year profits
District cooling giant added 63,800 RT of connected capacity
Abu Dhabi’s district cooling giant Tabreed has announced its full year profits for 2012, showing a steep 29% rise in net profits to US $64 million. The firm has said that its chilled water business and improved efficiencies have helped drive its performance, with customer connections increased by almost 64,000 RT across the year.
“Our stable performance is founded upon the success of our strategy to develop the core chilled water business and reduce the contribution of the non-core value chain businesses. Looking ahead, we will continue our focus on serving current and future customers, and maximising the returns from our existing assets through further cost discipline and efficiency gains. Tabreed continues to partner with the region’s leading organisations and is proud to provide vital cooling infrastructure that enables greater economic development and diversification across the GCC,” said the company’s chairman, Waleed Al Mokarrab Al Muhairi.
Group revenue for Tabreed stood at $307 million for 2012, relatively unchanged from 2011’s $303 million. Chilled water revenue was up 7% at $275 million, with profits up 27% at $94.5 million.
Tabreed CEO, Jasim Thabet, added: “Tabreed achieved notable operational and financial milestones during 2012, including the completion of our build-up programme and the generation of over AED 1 billion of revenue from our chilled water business for the first time. These achievements, along with a reduction in finance costs, were drivers of our strong financial performance throughout the year. We look forward to building upon these achievements in the year ahead to deliver energy-efficient, cost-effective and reliable cooling to our clients.”
The firm said that operational highlights for the past year include the Q1 opening of a new 10,000 RT cooling plant in Ajman and the expansion of its Al-Ain plant, which serves the UAE University.