Tabreed, the Middle East’s award-winning district cooling pioneer, has posted an increase of 26 per cent in earnings from continuing operations as compared to 2006.
The company’s 2007 revenues increased to AED 549 million, a 17 per cent up over 2006.
Additionally, the UAE-based company generated gross profit of AED 237.237 million, an increase from AED 189.020 million. As a result, there was an improved 19 per cent of the net profit, (excluding the one-time gain of AED 40.552 million resulted from the gain on sale of some plants in 2006).
“2007 was a year of significant and continuous achievement for Tabreed,” said the company’s Chairman, Mohamed Saif Al Mazrouei. “We generated solid earnings and cash flow, set new company records for chilled water output.”
“By a considerable margin, currently, we have now the strongest financial outlook in the company’s history. We anticipate even brighter outlook for many years to come,” he added.