UAE’s Tabreed Posts 29% Rise In 9-Month Profit

Abu Dhabi-based district cooling utility Tabreed has announced that net profit for the first nine months of the year increased 29 per cent to Dhs167.6 million, up from Dhs129.8 million during the same period last year.

The company’s third-quarter net profit also increased 35 per cent to Dhs73 million up from Dhs54.1 million in Q3 2011.

Gains were mainly driven by chilled water operations, with the company increasing its customer connections by almost 18,000 RT in Q3 2012. Profit from chilled water operations rose 21 per cent year-on-year in the first nine months to Dhs255.9 million.

Group revenue during the period remained flat at Dhs842 million, “in line with expectations as the company continues to phase out its non-core value chain businesses,” Tabreed said in a statement.

Meanwhile net finance costs in the nine-month period decreased by 26 per cent year-on-year to Dhs128.6 million.

Jasim Thabet, Tabreed’s CEO, said: “Increased customer connections coupled with improved efficiencies in the chilled water business and a decline in finance costs drove net profit up 29 per cent during the period.”

Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through its subsidiaries.

The company also has six plants in Bahrain, Oman, Qatar and Saudi Arabia.