Tabreed's 2013 year-to-date net profit increases 21% to Dh 202.3 Million

Abu Dhabi: The National Central Cooling Company PJSC (Tabreed), yesterday released its consolidated third quarter (Q3) 2013 financial results. New customer connections, improved operating efficiencies and lower finance costs continue to drive the company's strong financial performance. In its report, the company details its financial results for the nine months ended 30th September 2013: the net profit attributable to the parent company increased by 21 percent to Dh 202.3 million. Core chilled water revenue increased by 4 percent to Dh 775.9 million and core chilled water profit from operations increased by 4 per cent to Dh 266.4 million. In line with expectations, as the company continued to phase out the non-core businesses, group revenue declined by 2 percent to Dh 826.5 million, EBITDA increased by 5 percent to Dh 379.7 million and net finance costs decreased by 14 percent to Dh 111.0 million. With regards to operational highlights for the same period, 16,150 RT of customer connections added in the third quarter, group connected capacity across the GCC increased by 8.1 percent to reach 829,403 RT, connected capacity in the U.A.E. increased by 5.4 per cent to reach 635,224 RT and affiliate company, Saudi Tabreed, began providing operation and maintenance (O'&'M) support to the district cooling plant servicing the King Abdulla Financial District in Saudi Arabia. Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region's landmark projects, including the Sheikh Zayed Grand Mosque, Dubai Metro, World Trade Centre Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl - Qatar, Bahrain Financial Harbour and the Jebal Omar Development Project in Mecca. – Emirates News Agency, WAM