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FINANCIAL NEWS
UAE’s Tabreed Q2 net profit up 9% to USD11.9m
12 Aug 2011
(MENAFN) The National Central Cooling Company, Tabreed, said that due to lower finance costs and growing sales, in the second quarter, the company’s net profit rose 9 percent to USD11.9 million from USD10.9 million in 2010, reported Emirates 24/7.
The company added that following April’s shut down of the firm’s recapitalization program, financing costs declined USD6.8 million. Moreover, the company secured an extra USD844.2 million funding from Mubadala, the Abu Dhabi state-owned company in March in order to handle its debt.
It also said that in the quarter, revenue surged to USD78 million from USD67 million in 2010’s second quarter, whereas for the year’s first six months, revenue from its chilled water business reached USD115.8 million with a 29 percent increase.
It is worth noting that by the end of 2011, Tabreed would add another 10 cooling plants.
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