Tabreed Q3 profit up 17.26 per cent
Tabreed, the Middle East’s award-winning district cooling pioneer, has posted an increase of 17.26 per cent in Q3 2007 profit as compared to Q3 2006.
The company’s Q3 2007 profit increased to US$ 5.71 million compared to US$4.87 million over the same period in 2006.
“Tabreed’s results have gone from strength to strength and the company has posted consistently positive results every quarter for the past five years,” said the company’s Chairman, Mohamed Saif Al Mazrouei. “Tabreed has done well in spite of the crises in the financial markets and is poised to increase its income through multiple projects that are coming online in 2008 and 2009.”
The UAE-based company, with operations in six countries, generated revenues of US$ 44.86 million - an increase of 49.74 per cent over Q3 2006 – and posted a gross profit of US$17.85 million, up from US$11.68 million.
“Financially, Tabreed is a strong company and our total assets have topped US$ 1.26 billion at the end of Q3 2007,” said Karl Marietta, the company’s Deputy CEO.
“The company is now poised to enter its 10th year with a strong balance sheet and is on the cusp of a major capacity expansion as it readies to supply cooling services to the Dubai Metro project.”
The world’s leading district cooling company, Tabreed, has been at the forefront of the Middle East 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 Abu Dhabi National Exhibition Centre’s new development, the Bahrain Financial Harbour and The Pearl Qatar.