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Home / NEWS / Tabreed reports 8% net profit increase in Q3 2017

Tabreed reports 8% net profit increase in Q3 2017

by Rajiv Ravindran Pillai on Nov 14, 2017


Khaled Abdulla Al Qubaisi, Tabreeds chairman.
Khaled Abdulla Al Qubaisi, Tabreeds chairman.

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UAE-based National Central Cooling Company (Tabreed) released its 2017 third quarter consolidated financial results showing a net profit increase of 8% to $79m (AED290.4m).

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “Tabreed’s continuing growth for the third quarter of 2017 reinforces our position as a leading and best in-class district cooling company.

"It reiterates the confidence of our shareholders in our ability to execute on our strategy and deliver consistent results.”

Tabreed's group revenue increased by 9% to $285m (AED1049.1m). The total group connected capacity across the GCC reached 1,086,610 RT, with 38,199 RT of new customer connections added in the first nine months.

Jasim Husain Thabet, Tabreed’s chief executive officer, added: “Our ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions.

"At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Shari’a compliant, which should contribute to an expanded shareholder base. As we look ahead, we will harness our operational knowledge and capabilities towards continued growth with ongoing contribution to the region’s sustainable development.”

 

 



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