The National Central Cooling Company Tabreed has reported net profits of 23.4 million Emirati dirhams ($6.3 million) in 2003, a rise of 187 percent over the previous year.
Revenues soared to Dh 190.97 million, compared with Dh 85.38 million over the same period last year. By year end, the shareholder’s equity stood at Dh 541.68 million and its total assets reached Dh 1.24 billion.
Highlights for Tabreed in 2003 included the signing of two major 20-year contracts. The first was with the National Investment Corporation to provide cooling services to its multi-billion Dirham development Marina Mall expansion in Abu Dhabi. The second contract saw the company sign a deal with the Omnix Group to provide cooling services to Dubai Pearl, a three-billion-dirham downtown community center development.
Tabreed has also acquired two district-cooling plants from General Industries Corporation in Abu Dhabi with an installed capacity of 13,000 refrigeration tons.
Tabreed has offered district cooling services as a utility in the United Arab Emirates (UAE) for over five years. District cooling is widely used throughout the UAE and around the world, piping chilled water from a centralized plant to a range of residential, commercial and government buildings. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
