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Tabreed Q1 profit soars; delays sukuk payments
DUBAI — National Central Cooling Company PJSC, also known as Tabreed, on Monday said its first-quarter net profit rose to Dh40.4 million ($11 million), up from Dh10.8 million for the same period a year earlier. The net profits boosted by non-cash gains associated with its 2008 sukuk, and growth in the company’s chilled water business.
In a statement, Dubai-listed refrigeration and cooling firm said its basic and diluted earnings per share doubled in the first-quarter to 0.02 fils from 0.01 fils from the first-quarter a year earlier. Total assets rose to Dh7.94 billion in the first quarter this year, up three per cent from the same period last year.
Tabreed, which provides cooling for projects such as the Dubai Metro and Abu Dhabi’s Yas Island, said its revenues slipped in the first-quarter 2010 to Dh184.6 million, down from Dh189.7 million a year earlier. However, revenue from chilled water business for the quarter surged 91 per cent to Dh117.1 million as new plants and customers came on line during first quarter of this year. “We have a strong core business of chilled water and a steady pipeline of new plants coming on stream,” said Sujit S. Parhar, chief executive officer of Tabreed.
Parhar cautioned on the challenges ahead this year despite the healthy bounce in profit.
“We acknowledge the challenges facing the business in the year ahead and those associated with our recapitalisation process, but we are confident in the long-term prospects for the company,” he said.
Sukuk payment
Tabreed said that it was deferring payment on the Dh1.7 billion sukuk due in 2011 as its board considered further amendments to the bond’s terms in connection with its recapitalisation programme.The company’s board of directors approved the decision at a meeting on Sunday, the statement said.
“The deferral on the sukuk payment is in connection with the company’s recapitalisation programme that Tabreed is targeting for completion in fourth quarter of this year,” it said.
The next bond payment was scheduled for May 19. The company said that any amendments to the terms of the 2008 sukuk would be subject to approval by shareholders and Islamic bondholders.
New plants in 2010
During the first quarter 2010, Tabreed added four new plants to its portfolio, adding 27,000 TR of capacity and bringing Tabreed’s total installed cooling capacity to 422,100 TR across 40 plants. The company expects nine further plants to come on stream in the remainder of 2010. The company’s contracting segment recorded sales of Dh36.1 million, an increase of 37 per cent over the same period last year. However, manufacturing segment reported sales of Dh15.6 million, a significant decline from Dh81.4 million for the first quarter 2009, due to a significantly reduced order book.
During the quarter Emirates Pre-insulated Piping Industries was awarded three new projects, valued at approximately Dh25 million, which are expected to be completed by the second quarter of 2010.
Tabreed shares advanced 3.21 per cent on Dubai Financial Market and closed the day at 0.45 fils.
· muzaffarrizvi@khaleejtimes.com
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