Tabreed Reports Solid First Quarter Profit
National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its first quarter 2010 consolidated financial results, ending 31st March 2010.
Financial Highlights – First Quarter Ending 31 March 2010:
· Total revenue was AED 184.6 million compared to AED 189.7 million in the same period in 2009
· Gross profit increased 11 per cent to AED 88.9 million compared to AED 80.2 million in 2009
· Net profit doubled for the first quarter to AED 43.8 million compared to AED 21.7 million in the same period in 2009, in part reflecting certain non-cash finance gains associated with the Company’s 2008 Convertible Sukuk
· However, excluding these non-cash finance gains, underlying net profits increased 15 per cent off the back of strong growth in the Company’s core chilled water business
· Chilled water revenue for the period was AED 117.1 million, a 91 per cent increase over the same period in 2009, as new plants and customers came on line. Profits more than doubled to AED 22.8 million and margins improved from 18 per cent to 20 per cent.