Tabreed reports 22% rise in profit
Connection of new customers to existing plans drove growth.
District cooling firm Tabreed posted a 22% increase in quarterly profit on the back of an increase in its core chilled water business.
The firm made a net profit of $15.86mn (AED58.24mn) in the first quarter of 2014, compared with $13mn (AED47.84mn) in the previous year.
The company’s strong performance continues to be driven by the core chilled water business, with more than 16,000 Refrigerated Ton (RT) of new customer connections added.
"Our strong performance in Q1 resulted from our ability to connect new clients to existing plants, primarily in the UAE.
"As economies in the UAE and the region continue to expand, we are witnessing increasing interest in district cooling driven primarily by the economic, environmental and energy benefits it delivers to both customers and governments alike," said Jasim Husain Thabet, Tabreed's chief executive officer.
Tabreed currently has 66 district cooling plants across the GCC and provides its cooling services to projects including the Sheikh Zayed Grand Mosque, Dubai Metro, and World Trade Center Abu Dhabi.