(MENAFN- Khaleej Times) The companys core chilled water revenue increased by three per cent to Dh214.4 million over Dh208.2 million in Q1 2014.
Dubai - The National Central Cooling Company known as Tabreed on Wednesday declared a Dh61 million net profit for the first quarter of the year showing a five per cent increase a year ago.
The company’s performance was driven by its strong regional operations with over 12000 refrigerated tonnes (RT) of new connections made across the GCC as well as additional savings achieved due to the refinancing completed at the end of 2014 the company said in a statement.
Waleed Al Mokarrab Al Muhairi Tabreed’s chairman said: “Tabreed strengthened its position as one of the leading district cooling companies in the GCC in the first three months of 2015 adding over 10000 RT across Saudi Arabia Oman and Qatar. The positive financial performance during the period reflects the strength of Tabreed’s underlying chilled water business and we remain well positioned to capitalise on future growth opportunities at home and abroad.”
The company’s core chilled water revenue increased by three per cent to Dh214.4 million over Dh208.2 million in Q1 2014. Group revenue increased by five per cent to Dh239.4 million. Tabreed’s EBITDA increased by one per cent to Dh119.7 million.
Jasim Husain Thabet Tabreed’s chief executive officer added: “We have reached a number of significant milestones in the quarter including the renewal of a major long-term district cooling agreement with Aldar Properties. Furthermore we are already beginning to reap the benefit from the refinancing completed at the end of 2014 which demonstrated the robustness of our business model greatly strengthening our financial position and providing a clear endorsement of our positive future outlook.”
—
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.