Tabreed's 2011 net profit increases by 34%
Improved efficiencies and new plants boost bottom-line figures
Abu Dhabi based district cooling utility Tabreed's net profits for 2011 have jumped 34% thanks to a boost in demand for chilled water, new plants and customer connections.
In its annual financial report, the company attributed the increase in its net profit by 34% to AED182.7m, compared with AED136.8m in 2010, to "improved organisational efficiencies".
Tabreed’s group revenue for the year increased by 9% from AED1bn in 2010 to AED1.1bn in 2011, while revenue for chilled water was AED943.8m, a 25% increase over AED753.3m in 2010. Its profit for chilled water was AED274.4m, a 37% increase from the previous year. Tabreed also reported that it had set up 11 new plants last year.