UAE's Tabreed net profit increases 8% in Q3 2017

UAE's Tabreed net profit increases 8% in Q3 2017
Published: 12 November 2017 - 5:09 a.m.
By: Baset Asaba

National Central Cooling Company, Tabreed, has released its nine months financial results ending 30th September, 2017.

In a statement, Tabreed said, "Net profit increased by 8 percent to AED290.4 million comparing to AED269.3 million for Q3 2016, group revenue increased by 9 percent to AED1049.1 million comparing to AED 960.3 million for Q3 2016, core chilled water revenue increased by 14 percent to AED993.5 million comparing to AED 870.6 million for Q3 2016.

The statement also added that EBITDA increased by 7 percent to AED464.6 million comparing to AED434.8 million for Q3 2016, and that share of results of associates and joint ventures increased by 14 percent to AED91.0 million comparing to AED79.9 million for Q3 2016.

“Tabreed’s continuing growth for the third quarter of 2017 reinforces our position as a leading and best in-class district cooling company. It reiterates the confidence of our shareholders in our ability to execute our strategy and deliver consistent results,” said Khaled Abdulla Al Qubaisi, Tabreed’s Chairman.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said, "Our ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions.”

“At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Sharia compliant, which should contribute to an expanded shareholder base. As we look ahead, we will harness our operational knowledge and capabilities towards continued growth with ongoing contribution to the region’s sustainable development.”

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