Tabreed posts 3% rise in 2015 H1 net profits District cooling firm Tabreed posted a net profit of $41.6m (AED153m) in the first six months of 2015 from $40.4m (AED148.6m) in 2014, an increase of 3%. Tabreed’s strong performance continues to benefit from lower finance costs and further growth across the UAE and GCC, with over 13,700 refrigerated tonnes (RT) of new connections made in the first half of the year. Group revenue increased by 6% to $151m (AED555.3m) in H1 2015 as against $143m (AED526.3m) in the same period last year. Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s consistent strong results are a testament to the company’s stable utility infrastructure business model, which is anchored in a robust core chilled water segment.” He adds, “As the leading district cooling provider in the GCC, Tabreed has been steadily strengthening its footprint in its key markets across the region, with almost 14,000 RT of new connections across the GCC taking total connected capacity to almost 1 million RT.” Jasim Husain Thabet, Tabreed’s CEO, said: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings. The first half of the year also saw our shareholders approve a 5 fils dividend and the buyback of 28% of the bonds held by Mubadala, which will increase earnings per share and reduce annual financing costs.” Tabreed has 69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca. RELATED ARTICLES: Tabreed-to-spend-AED1bn-buying-back-bonds , Tabreed-profits-climb-20-in-record-year-for-firm , Tabreed-Aldar-sign-district-cooling-deal ,
07-26-2015, 03:01 PM
Tabreed posts 3% rise in 2015 H1 net profits
District cooling firm Tabreed posted a net profit of $41.6m (AED153m) in the first six months of 2015 from $40.4m (AED148.6m) in 2014, an increase of 3%. Tabreed’s strong performance continues to benefit from lower finance costs and further growth across the UAE and GCC, with over 13,700 refrigerated tonnes (RT) of new connections made in the first half of the year. Group revenue increased by 6% to $151m (AED555.3m) in H1 2015 as against $143m (AED526.3m) in the same period last year. Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s consistent strong results are a testament to the company’s stable utility infrastructure business model, which is anchored in a robust core chilled water segment.” He adds, “As the leading district cooling provider in the GCC, Tabreed has been steadily strengthening its footprint in its key markets across the region, with almost 14,000 RT of new connections across the GCC taking total connected capacity to almost 1 million RT.” Jasim Husain Thabet, Tabreed’s CEO, said: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings. The first half of the year also saw our shareholders approve a 5 fils dividend and the buyback of 28% of the bonds held by Mubadala, which will increase earnings per share and reduce annual financing costs.” Tabreed has 69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca. RELATED ARTICLES: Tabreed-to-spend-AED1bn-buying-back-bonds , Tabreed-profits-climb-20-in-record-year-for-firm , Tabreed-Aldar-sign-district-cooling-deal ,
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