Tabreed's full year net profit increases to $74mn
Cash generated from operations grew to $162.8mn
National Central Cooling Company PJSC (Tabreed), the leading Abu Dhabi-based district cooling utility company, has revealed net profits for 2013 increased by 15% to $74mn (AED272.4mn).
The company’s strong performance continues to be driven by the core chilled water business, with over 70,000 refrigerated ton (RT) of new customer connections made in the year, including major projects such as Yas Mall and Saudi Aramco.
Core chilled water revenue increased by 4% to AED1,027.4mn, up from AED992.3mn in 2012. In line with expectations, as the company continued to phase out the non-core businesses, group revenue declined by 2% to AED1,100.2mn (2012: AED1,128.7mn), while EBITDA increased to AED506.6mn (2012: AED501.7mn).
Net finance costs decreased by 19% to AED143.6mn (2012: AED176.7mn) and cash generated from operations grew by 51% to AED598mn (2012: AED396mn).
Throughout last year, 72,000 RT of customer connections were added across the group and connected capacity in the GCC increased by 9% to reach 839,000. Connected capacity in the UAE increased by 4% to reach 636,000 RT, while major customer connections included Yas Mall (14,000 RT), World Trade Center Mall (5,120 RT), and Saudi Aramco (27,000 RT).
Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, said: “We are pleased to announce another year of strong growth in both net income and cash generated from operations. Tabreed’s financial and operational performance in 2013 reinforces its position as a leading utility infrastructure company distinguished by operational excellence and one that delivers consistent, sustainable results to all its stakeholders. As we look to the year ahead, we will maintain our focus on growing the business while maximizing the return on our existing assets.”
Jasim Husain Thabet, Tabreed’s chief executive officer, added: “Building upon the achievements of previous years, Tabreed’s operations in the UAE and across the region continued to grow and we successfully connected key projects such as the World Trade Center Mall in Abu Dhabi. Likewise, our affiliate in Qatar, Qatar Cool, connected more than 18,000 RT in 2013, bringing our total connected capacity across the group to a world leading 839,000 RT.”
Tabreed currently has 66 district cooling plants across the GCC and provides its cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, World Trade Center Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and the ARAMCO establishments in the Eastern region of Saudi Arabia.