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UAE Tabreed net profits surge 6% to reach $93.9mn

Financial highlights during the twelve months ending on 31 December 2015 indicated that net profit attributable to the parent increased to $93.9mn, up from last year’s $89mn

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A Tabreed cooling plant
A Tabreed cooling plant

The National Central Cooling Company Tabreed has released its audited 2015 financial results that show a 6% increase in net profits driven mostly by capital structure optimisation.

Financial highlights during the twelve months ending on 31 December 2015 indicated that net profit attributable to the parent increased to $93.9mn, up from last year’s $89mn.

Earnings per share increased by 19% to $0.029, largely as a result of the successful completion of the buyback of the mandatory convertible bonds.

The share of results of associates and joint ventures increased by 16% to $28.6mn from $23.2mn in 2014.

Based on this strong performance Tabreed’s board of directors will recommend increasing cash dividends for 2015 to $0.016 per share up from 0.013 in 2014.

Core chilled water profit from operations increased by 3% while group revenue increased by 4%.

"Government and private entities across the GCC continue to see the energy and environmental benefits of deploying district cooling technologies for their major infrastructure projects,” said Jasim Husain Thabet Tabreed's Chief Executive Officer.

“This increased appreciation of the advantages of district cooling over conventional air conditioning is creating new growth opportunities and has helped our Qatari affiliate Qatar Cool win the contract to provide district cooling services to the upcoming Qatar Rail project in Doha.”

“In the year ahead Tabreed will aim to grow the business in a sustainable and consistent manner and deliver on the existing projects under development.”

The total group installed capacity across the GCC reached 974377 RT with 35563 RT of new customer connections.

A major district cooling agreement with Aldar was renewed for a duration of 30 years, setting the framework for additional connections to Tabreed’s existing plants.

Last year, Tabreed commenced chilled water supply to Al Hilal Bank Tower on Al Maryah Island in Abu Dhabi, a new plant was inaugurated in Muscat Oman and also a $52.3mn long term limited recourse project finance facility with Emirates NBD was finalised for the Dubai Parks and Resorts district cooling plant.

Also last year, Tabreed reduced by 1.3 billion kilowatt hours the amount of energy it used for cooling across its GCC sites, enough electricity to power nearly 44000 homes in the UAE every year.

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