Tabreed more than doubles its net profit
Tabreed, the Middle East’s award-winning district cooling pioneer, has posted a record-breaking annual net profit for the financial year 2006, with an increase of 104.1%, over 2005.
The company’s net profit increased to US$ 28.6 million compared to US$14 million in 2005.
The UAE-based company, with operations in six countries, generated revenues of US$128.73 million in 2006 - an increase of 18% over 2005 – and posted a gross profit of US$51.78 million for 2006, up from a previous 2005 high of US$41.61 million.
Tabreed’s total assets reached US$ 1.14 billion last year - an increase of 58.3% over 2005. “Tabreed progressed solidly in 2006,” said the company’s Chairman, Mohamed Saif Al Mazrouei. “We exceeded financial targets, advanced our development strategy and generated strong shareholder returns, setting the stage for continued growth.
“Over the past two years Tabreed’s installed capacity has grown by 85,500 Tons of Refrigeration (TR). This growth will continue based on our firm contractual capacity. By 2008 we will add an additional 211,500 TR to current production capacity,” added Mazroui.
Tabreed has been at the forefront of the Middle East district cooling industry since its inception in 1998 and has been globally recognised for its visionary leadership. Its operations span Saudi Arabia, Bahrain, Qatar, Oman and the UAE as well as Jordan in the Levant, where its joint venture with Abdali PSC also provides district heating services.
Major projects being serviced by the company directly and through its joint ventures and subsidiaries include the UAE’s Dubai Metro project and the Abu Dhabi National Exhibition Centre’s new development, the Bahrain Financial Harbour and The Pearl Qatar.