Tabreed nets AED 34 million profit for H1 2007
National Central Cooling Co. ‘Tabreed’ (DFM: TABREED), the Middle East’s award-winning district cooling pioneer, posted a net profit of AED 34 million for the first half of 2007, up from AED 32.5 million over the same period last year.
Tabreed’s revenues are at AED 244.35 million compared to AED 231,46 million, representing an increase of 5.5 percent over the same period in 2006. Profit from operations soared to AED 120.38 million compared to AED 105.6 million, approximately a 14 percent increase, over the same period in 2006.
As of June 30, 2007, the company’s total assets increased to AED 4.37 billion from AED 4.18 billion in December 31, 2006. Shareholder's equity expanded to AED 1.35 billion up from AED 1.30 billion at the end of 2006.
Commenting on the company’s first half results, Tabreed’s Chairman, Mr. Mohamed Saif Al Mazrouei said: “It has been an extremely positive performance from the company, which continues to grow at an exceptionally fast pace, fuelled by contributions from a significant number of new district cooling schemes in the UAE and abroad.
“In addition to our strong business progress, Tabreed, through its subsidiary A&T Cool, recently won a massive order from Abu Dhabi’s leading real estate developer ALDAR Properties to provide cooling services of one million Tons of Refrigeration for its new projects.
“We look forward to a period of increased expansion, more revenue inflows from projects coming online and are confident of an even stronger performance in the second half of the year.”
Tabreed - the world’s largest district cooling company - also recently won two gold awards for Total Buildings Committed or Connected to Service, and Total Square Footage in the beyond North America region, from the US-based International District Energy Association (IDEA) - which works to advance global environmental quality through efficient district energy systems.
Tabreed is a UAE public joint stock company established in June 1998 and is now the world’s largest district cooling company. It provides district cooling services throughout the GCC and Levant region with offices in Dubai, Abu Dhabi, Ras Al Khaimah, Doha, Manama, Al Khobar, Muscat and Amman.
The company has been growing at a very rapid pace and recently won two gold awards by the International District Energy Association in the USA for new customers by the number of buildings it serves and by the associated cooling load for 2006 in a repeat of its 2004 performance.
In 2006, Dany Safi won IDEA’s Unsung Hero accolade, while in January 2007, he bagged IDEA’s Global Pioneer award and Tabreed scooped its Global Partner honour.
Tabreed pioneers energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The company offers customers the highest quality service through an integrated energy system devised to help them optimize their energy usage and reduce power and maintenance costs. Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.
© 2007 Al Bawaba (www.albawaba.com)