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FINANCIAL NEWS
UAE- Tabreed posts 30% jump in Q4 profit
03 Feb 2013
(MENAFN) National Central Cooling Company’s (Tabreed) CEO, Jasim Thabet, announced that in the fourth quarter, the Dubai-listed company’s profit grew by 30 percent to USD18.7 million, up from USD14.40 million in 2011’s same period, reported Arabian Business.
Thabet said that the company’s revenue from its chilled water business jumped by 13 percent to USD71.70 million.
Meanwhile, full-year profit increased by 29 percent from 2011, reaching USD64.32 million.
The district-cooling firm, which at the current time has 59 plants in the UAE, has had to restructure its debt after the property market boom ended unexpectedly in 2009, and in March 2011, it secured a USD843 million financing from Mubadala, which owns 27.3-percent stake in Tabreed.
52 of Tabreed plants are wholly owned and operated by the firm, whereas the remaining 7 are operated through its affiliates and subsidiaries.
It is worth noting that Tabreed has another 6 plants across Bahrain, Oman, Qatar and Saudi Arabia, also operating via affiliates and subsidiaries.
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