Tabreed net up15% to Dh272m

The National Central Cooling Company PJSC, Tabreed, released its 2013 audited full year financial results.

The company’s strong performance continues to be driven by the core chilled water business, with over 70,000 Refrigerated Ton (RT) of new customer connections made in the year, including major projects such as Yas Mall and Saudi Aramco.

The most prominent financial highlights include the fact that net profit attributable to the parent increased by 15 per cent to Dh272.4 million (2012: Dh236.3 million), core chilled water revenue increased by 4 per cent to Dh1,027.4 million (2012: Dh992.3 million), core chilled water profit from operations increased by 6 per cent to Dh347.8 million (2012: Dh328.4 million) and in line with expectations as the company continued to phase out the non-core businesses, group revenue declined by 2 per cent to Dh1,100.2 million (2012: Dh1,128.7 million), EBITDA increased to Dh506.6 million (2012: Dh501.7 million), net finance costs decreased by 19 per cent to Dh143.6 million (2012: Dh176.7 million) along with cash generated from operations grew by 51 per cent to Dh598 million (2012: Dh396 million).

The operational highlights for the twelve months, include: 72,000 RT of customer connections added across the group in 2013, group connected capacity in the GCC increased by 9 per cent to reach 839,000 RT, connected capacity in the UAE increased by 4 per cent to reach 636,000 RT and major customer connections included Yas Mall (14,000 RT), World Trade Centre Mall (5,120 RT), and Saudi Aramco (27,000 RT).

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said, "We are pleased to announce another year of strong growth in both net income and cash generated from operations.

“Tabreed’s financial and operational performance in 2013 reinforces its position as a leading utility infrastructure company distinguished by operational excellence and one that delivers consistent, sustainable results to all its stakeholders.

“As we look to the year ahead, we will maintain our focus on growing the business while maximising the return on our existing assets."

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added, "Building upon the achievements of previous years, Tabreed’s operations in the UAE and across the region continued to grow and we successfully connected key projects such as the World Trade Centre Mall in Abu Dhabi.

“Likewise, our affiliate in Qatar, Qatar Cool, connected more than 18,000 RT in 2013, bringing our total connected capacity across the group to a world leading 839,000 RT."

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