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Thu 23 Oct 2014 04:59 PM

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UAE cooling firm Tabreed posts 28% rise in Q3 net profit

Tabreed improved its operational efficiencies and cut finance costs during the quarter, says chief executive

UAE cooling firm Tabreed posts 28% rise in Q3 net profit

UAE-based utility Tabreed reported a 28 percent rise in third-quarter net profit on Thursday as revenue increased and it cut finance costs.

The Dubai-listed firm made a net profit of AED95.86 million ($26.1 million) in the three months ending Sept. 30, up from AED75.11 million in the year-earlier period, it said in a statement.

Quarterly revenue was AED344.41 million. That compares with AED329.23 million in the same quarter of last year.

Tabreed improved its operational efficiencies and cut finance costs during the quarter, chief executive Jasim Husain Thabet said in the statement.

In July, Tabreed led a consortium that won a contract to provide district cooling services in Abu Dhabi worth AED1.05 billion.

Tabreed has 67 district cooling plants across the Gulf. Abu Dhabi fund Mubadala holds a 15 percent stake in Tabreed, according to Thomson Reuters data.

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