(MENAFN - Khaleej Times) National Central Cooling Company (Tabreed), the leading Abu Dhabi-based district cooling utility company, on Wednesday said that its net profit for the first nine months of the year increased 29 per cent to Dhs167.6 million, up from Dhs129.8 million during the same period last year.
Tabreed said its chilled water operations and cost discipline continue to drive profitability, with the company increasing its customer connections by nearly 18,000 RT in the third quarter.
Group revenue during the period remained flat at Dhs842 million, "in line with expectations as the company continues to phase out its non-core value chain businesses," Tabreed said in a statement.
Chilled water revenue increased by five per cent to Dh747.6 million up from Dh711.5 million during the same period last year.
Profit from chilled water operations rose 21 per cent year-on-year in the first nine months to Dhs255.9 million "as the company generated further value from its economies of scale and enhanced efficiencies," Tabreed said.
EBITDA increased by 12 per cent to Dh362.2 million from Dh323.7 million.
Net finance costs decreased by 26 per cent to Dh128.6 million from Dh174.7 million.
Tabreed said 17,769 RT of customer connections added in the third quarter.
Group installed capacity remained unchanged at 767,125 RT and Group connected capacity increased to 745,025 RT.
Installed capacity in the UAE remained unchanged at 605,325 RT and connected capacity increased to 587,075 RT.
Waleed Al Mokarrab Al Muhairi, Tabreed's chairman, said: "Tabreed's strategy - to grow its core chilled water business - continues to deliver strong financial results. I am pleased with our performance to-date and expect us to finish the year strongly under Jasim's leadership. Tabreed remains in a strong position to capitalise on regional demand for district cooling and focused on creating sustainable value for all its stakeholders."
Jasim Thabet, Tabreed's CEO, added: "Tabreed's robust performance reflects our strong business fundamentals. Increased customer connections coupled with improved efficiencies in the chilled water business and a decline in finance costs drove net profit up 29 per cent during the period. Since Q3 2011, Tabreed has added 32,000 RT in customer connections, bringing its total customer connections in the GCC to 745,025 RT, and solidifying its position as the partner of choice for leading private and government institutions in the region."
Tabreed currently has 59 plants in the UAE - 52 are wholly-owned and operated by the company and seven are operated through its affiliates and subsidiaries. The company also has six plants in the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through its affiliates and subsidiaries.