Tabreed announces rise in profit

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Mohamed Saif Al Mazrouei: Tabreed’s business growth is expected to increase further.

National Central Cooling Company, Tabreed, has announced a 14% increase in operational profits for the first half of 2007.

The district cooling utility provider achieved profits from operations of US $32.8 million (AED120.38 million) between January and June 2007, compared to $28.75 million over the same period in 2006. Its revenues over rose from $63 million in 2006 to $66.53 million in 2007 over the comparative periods. Net profits for the firm were announced as $9.26 million, up from $8.85 million over the same six months last year.

Tabreed chair Mohamed Saif Al Mazrouei commented: "The company continues to grow at an exceptionally fast pace fuelled by contributions from a significant number of new district cooling schemes in the UAE and abroad."

• Karl Marietta has been appointed as the deputy chief executive officer of Tabreed. He will undertake the role in addition to his current responsibilities as vice president of administration and finance.

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