Tabreed records 30% rise in Q1 net profit
District cooling firm says net profit for quarter was $13m
Abu Dhabi-based district cooling firm Tabreed has released its Q1 results for this year, showing a 30 percent increase in net profits. The rise – which saw profits of $13 million in Q1 this year, compared with $10 million in the same quarter of 2012 – has been attributed by Tabreed to the performance of its core chilled water business and cost discipline.
Group revenue stood at $59.6 million, whilst chilled water revenue was up 5 percent at $55.18 million. Net finance costs were down 14 percent at $10.54 million.
Tabreed chairman, Waleed Al Mokarrab Al Muhairi, said: “Our strategy to grow our core chilled water business while further improving cost control and efficiency continues to deliver positive results. As an organisation, we remain committed to pioneering creative solutions for some of the key challenges facing the region, namely the need for world-class cooling infrastructure that enables lower energy consumption and the sustainable management of resources.”
Tabreed now has 66 cooling plants in operation around the GCC, serving projects that include the Sheikh Zayed Grand Mosque, the Dubai Metro and the Pearl, Qatar.
Jasim Thabet, Tabreed CEO, added: “We have begun 2013 well, recording strong profitability during the period, driven by improved operational efficiencies and lower finance costs. We were involved in a number of exciting new projects at home and in key markets abroad, including the landmark Jabal Omar development in the Holy City of Mecca, as well as the opening of Yas Waterworld Abu Dhabi, for which Tabreed is the exclusive supplier of cooling services.”