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FINANCIAL NEWS
UAE’s Tabreed net profit up 28 percent in Q3
24 Oct 2014
(MENAFN) UAE-based utility Tabreed announced it has registered an increase by 28 percent in its net profit during the July-September period of this year, which reached USD26.1 million compared to USD20.45 million recorded during the same period last year, Arabian Business reported.
The company also said it posted quarterly revenue of USD93.77 million, an increase compared with USD89.64 million recorded in the same quarter of 2013.
Tabreed said that this growth is mostly attributed to the improvements the company made to its operational efficiencies as well as cutting finance costs during the quarter.
Abu Dhabi fund Mubadala holds a 15 percent stake in Tabreed , which has 67 district cooling plants across the Gulf.
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