UAE- Higher revenues push Tabreed's H1 earnings
Date
7/31/2016 10:16:17 AM
(MENAFN- Khaleej Times) The district cooling company continues to deliver a consistent performance driven by its core chilled water business and its strong regional presence
National Central Cooling Company's (Tabreed) earning grew five per cent to Dh160.5 million in the first six months of the year. The district cooling company continues to deliver a consistent performance driven by its core chilled water business and its strong regional presence. Group revenue increased by four per cent to Dh578.6 million; Core chilled water revenue increased by two per cent to Dh516 million. Share of results of associates and joint ventures increased by 45 per cent to Dh48.2 million in the January-June period over Dh33.2 million in the same period last year Total Group connected capacity across the GCC increased to 980,200 Refrigerated Tons, with 5,800 RT of new customer connections added in the first half of the year, including 4,200 RT in the UAE and 1,600 RT in Qatar. In the period 523 million kilowatt hours of electricity was saved across the GCC - enough energy to power approximately 17,500 homes every year. This prevented the release of almost 261,600 tons of carbon dioxide - the equivalent of eliminating the emissions of 52,300 vehicles annually. Waleed Al Mokarrab Al Muhairi, Tabreed's chairman, said: "As a utility company, Tabreed benefits from having long-term contracts with blue-chip entities across the GCC, enabling us to consistently deliver strong results, even in today's current economic environment." Tabreed's first half net profit of Dh160.5 million represents the best first half performance in the company's 18 year history, underlining our robust business model and stable revenue stream." "Tabreed continues to focus on enhancing shareholder value, with earnings per share increasing by 34 per cent compared to the same period last year." Jasim Husain Thabet, Tabreed's chief executive officer, added: "Tabreed has a sizeable presence across several GCC markets, primarily among them the UAE, Saudi Arabia and Qatar. Across the five countries we operate in, we now deliver over 980,000 RT to many of those nations' high profile and critical infrastructure projects." "Tabreed continues to leverage its regional footprint, with profit from our associates and joint ventures increasing by 45 per cent to Dh48.2 million." Today, Tabreed provides its district cooling services to many of the region's landmark projects including all the developments on Abu Dhabi's Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl Island in Qatar, and the Aramco Development Project in Al Dhahran in Saudi Arabia. -
(function(P,o,s,t,Q,r,e){P['PostquareObject']=Q;P[Q]=P[Q]||function(){ (P[Q].q=P[Q].q||[]).push(arguments)},P[Q].l=1*new Date();r=o.createElement(s), e=o.getElementsByTagName(s)[0];r.async=1;r.src=t;e.parentNode.insertBefore(r,e) })(window,document,'script','//widget.engageya.com/_pos_loader.js','__posWidget'); __posWidget('createWidget',{wwei:'POSTQUARE_WIDGET_90498',pubid:166590,webid:131503,wid:90498,on:'postquare'});