Tabreed profits climb 20% in record year for firm
Abu Dhabi district cooling firm hails record trading performance for 2014
Abu Dhabi's National Central Cooling Company, Tabreed, has announced a 20% increase in net profit to $88.7m (2013: $74.2m).
The company also saw its group revenues climb by 3% to $307.8m.
It pointed to a number of highlights during the period, including a recent refinancing of over $707m of debt, as well as adding over 118,000 tons of cooling to its network through new plants in the UAE, Saudi Arabia, Qatar and Bahrain.
It also renewed a $1.6bn supply agreement with the UAE's armed forces and entered into a joint venture with Mubadala that paid over $285m for a district cooling plant at Al Maryah Island in Abu Dhabi.
Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, hailed the profit increase, which he argued was a record for the firm.
He added: “We continue to see a rise in demand for district cooling across the GCC, especially in Saudi Arabia and Qatar, where we connected over 31,000 RT and 16,000 RT, respectively, and solidified our position as the only district cooling company that operates across the whole region.”
Jasim Husain Thabet, Tabreed's CEO, said, “In the year ahead, we will continue to focus on enhancing operational efficiencies and maximizing the yield on our existing assets by connecting additional customers to our networks across the region.”