Mixed results for Tabreed in first half
Net income drops, but total revenue rises for district cooling major
Abu Dhabi-based utility outfit Tabreed (National Central Cooling Company PJSC) saw reported net income drop by 4% in the first half against the same period a year earlier.
The firm put this figure down to non-cash finance costs associated with the 2011 convertible sukuk.
Tabreed said that total revenue in the first half had risen by 22% to US $101.8 million (AED373.8 million). According to UME’s calculations, total revenue dipped by 2.7% in the second quarter in comparison to the first quarter of the year.
Chilled-water revenue for the period rose 21% year-on-year, which Tabreed attributed to new plants coming onstream and the increase in seasonal demand.
“During the first six months of 2009 there have been a number of significant management, operational and process changes at Tabreed,” said Sujit Parhar, CEO of Tabreed.
“In particular, a strong emphasis is being placed on increasing operational efficiencies to enhance the yield that we derive from the assets we’ve invested in over the last 11 years.
“These changes reflect the mandate of the Board of Directors to better align Tabreed’s business strategy with the infrastructure demands of Abu Dhabi. However it is important that the business continues to deliver solid results through this transitionary period,” Parhar concluded.