UAE’s Tabreed’s Q3 Profit Rises 28%

The firm made a net profit of Dhs95.86 million ($26.1 million) in the three months ending Sept. 30, up from Dhs75.11 million in the year-earlier period, it said in a statement.



United Arab Emirates utility Tabreed reported a 28 per cent rise in third-quarter net profit on Thursday as revenue increased and it cut finance costs.

The Dubai-listed firm made a net profit of Dhs95.86 million ($26.1 million) in the three months ending Sept. 30, up from Dhs75.11 million in the year-earlier period, it said in a statement.

Quarterly revenue was Dhs344.41 million. That compares with Dhs329.23 million in the same quarter of last year.

Tabreed improved its operational efficiencies and cut finance costs during the quarter, chief executive Jasim Husain Thabet said in the statement.

In July, Tabreed led a consortium that won a contract to provide district cooling services in Abu Dhabi worth Dhs1.05 billion.

Tabreed has 67 district cooling plants across the Gulf. Abu Dhabi fund Mubadala holds a 15 per cent stake in Tabreed, according to Thomson Reuters data.