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FINANCIAL NEWS
UAE’s Tabreed profit up 22 percent in Q1
29 Apr 2014
(MENAFN) National Central Cooling Company (Tabreed) has posted a 22 percent rise in net profit for the first quarter of 2014 to reach USD15.843 million compared to USD13.012 million for the same period 2013, according to the Emirates 24/7.
The company could make the profit on the back of the core chilled water business, with more than 16,000 Refrigerated Tonnes (RT) of new connections made in the first quarter of the year.
Waleed Al Mokarrab Al Muhairi, Chairman, said: “The company continues to focus on strengthening its core chilled water business and maximising the return on its existing assets.”
Group revenues boosted by 4 percent to USD61.84 million in the first quarter of 2014 compared to USD59.50 million in the same quarter 2013.
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