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Tabreed’s Q3 Profit Reaches Dh23.6 Million
DUBAI — Dubai-listed National Central Cooling or Tabreed’s third quarter profit stood at Dh23.6 million, driven by higher revenue.
The Abu Dhabi-based utility company said its revenue for the quarter went up to Dh196.91 million from Dh190.74 million a year ago.
For the first three quarters, the company’s revenue grew by 15 per cent to Dh570.7 million, compared to Dh498.3 million during the same period last year. Tabreed’s Chief Executive Officer Sukit Parhar said the company expects to continue expanding its operations.
“We have been extremely busy building new plants to add to our portfolio or assets, and brought two new plants on stream in the third quarter.”
Parhar said the company will continue to reduce its costs and corporate overheads.Steve Ridlington, chief financial officer of Tabreed, said the additional capacity added in the third quarter, along with the 16 plants already operating, will churn out higher and more stable revenue for the company.
Tabreed shares which are listed at the Dubai Financial Market, closed steady at Dh0.94 on Wednesday. —
rocel@khaleejtimes.com
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