UAE- Tabreed's Year to Date Net Profit increases 4 to AED 254 Million

10/29/2015 4:12:18 AM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI 29th October 2015 (WAM) -- The National Central Cooling Company Tabreed the leading UAE-based district cooling utility infrastructure company today released its 2015 third quarter consolidated financial results. In 2015 the company has connected over 15000 refrigerated tons RT to customers in key markets across the GCC while bringing to a successful conclusion the repurchase of 28% of the outstanding mandatory convertible bonds held by its bondholder.

The financial highlights for nine months ended 30th September 2015 are as follows: net profit attributable to the parent increased by 4 % to AED 253.8 million (Q3 2014: AED 244.5 million) core chilled water revenue increased by 4 % to AED 834.2 million (Q3 2014: AED 804.9 million) share of results of associates and joint ventures increased by 12 % to AED 59.7 million (Q3 2014: AED 53.5 million) group revenue increased by 2 % to AED 891 million (Q3 2014: AED 870.7 million) and EBITDA increased by 1 % to AED 414 million (Q3 2014: AED 411.7 million) Operational highlights for the nine months ended 30th September 2015 are: total group connected capacity across the GCC reached 954000 RT with 15200 RT of new customer connections added in the first nine months of the year as follows: 5000 RT in Oman 4800 RT in Saudi Arabia 3000 RT in Qatar and 2400 RT in the United Arab Emirates.

Waleed Al Mokarrab Al Muhairi Tabreed's Chairman said "In the current economic climate Tabreed distinguishes itself by having a robust utility infrastructure business which delivers consistent and sustainable results. As an organisation we will continue to benefit from the strength of our long-term customer relationships as well as from a steady increase in the number of companies across the region that are actively looking to utilise energy-efficient and environmentally-friendly cooling solutions for their projects."

Jasim Husain Thabet Tabreed's Chief Executive Officer added "Tabreed has a stable utility infrastructure business model that delivers consistent and recurring revenues year-on-year. Looking forward we anticipate that this pattern will continue as we look to grow our business in a sustainable manner that enhances shareholders' value and delivers long-term returns to all of our stakeholders."

Tabreed has 69 district cooling plants across the GCC and provides services to many of the region's critical developments including all the projects on Abu Dhabi's Al Maryah Island home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market and all the projects on Yas Island such as Ferrari World Yas Marina Circuit and Yas Mall in addition to other national and regional landmarks such as Sheikh Zayed Grand Mosque Dubai Metro the PearlQatar and the Jabal Omar Development Project in the Holy City of Makkah.

WAM/Hanaa/Moran

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