National Central Cooling Company posted a 5 per cent year-on-year rise in net profit to Dh100.8 million in the three months to September 30.
The district cooling firm, also known as Tabreed, saw its revenue drop by 3 per cent in the same period to Dh335.6m. Revenue and profit for the nine-month period since January were up by 2 and 4 per cent, respectively, compared to the same period last year – to Dh891m and Dh255.6m.
The Abu Dhabi-based company said that highlights so far this year included connecting a further 15,000 refrigeration tonnes to customers across the GCC, and buying back Dh1 billion of convertible bonds from the state-owned investment company Mubadala.
“Tabreed has a stable utility infrastructure business model that delivers consistent and recurring revenues year on year,” said Jasim Thabet, the company’s chief executive.
Tabreed now has 69 plants in operation, 61 of which are in the UAE.
mfahy@thenational.ae
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