Abu Dhabi based district cooling company says chilled water business and lower financial costs drove its success
The National Central Cooling Company, also known as Tabreed, announced on Wednesday that it had seen a 25% increase to net profit, to $25.7m, in the first half of 2012.
The Abu Dhabi based district cooling utility company said that its operational and financial performance in H1 2012 was driven by its core chilled water business, and lower financial costs.
“The underlying strength of our chilled water business is reflected in our first half performance and as we look ahead to the rest of 2012, the company will continue to enhance operational efficiencies and achieve greater yields from its existing plants,” said Sujit Parhar, CEO of Tabreed.
“Today, Tabreed delivers over 727,000RT of cooling to customers across the region, and has established itself as a partner of choice for leading government and private organisations in the GCC,” he added.
In the six months ended June 2012, the district cooling company completed one plant expansion and added a total of 8,000RT gross capacity. Furthermore this took its total installed capacity in the UAE to 605,325RT, while connected capacity reached 570,812RT.
“In the first six months of 2012, Tabreed delivered strong financial and operational results underpinned by continued cost control, improved efficiencies and a strong performance by the company’s chilled water business,” said Waleed Al Mokarrab Al Muhairi, chairman of Tabreed.
“In line with our strategy, we remain focused on growing this segment while delivering sustainable returns and creating long-term value for our stakeholders,” he added.
Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through affiliates and subsidiaries.
The company also has six plants spread across the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia. These are operated by affiliates and subsidiaries.