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Mon 30 Apr 2007 02:44 PM

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UAE's Tabreed Q1 profit rises 19.2%

The Abu Dhabi company's profit is up on higher revenues from building cooling plants.

Abu Dhabi-based National Central Cooling Co. (Tabreed) said on Sunday net profit attributable to shareholders rose 19.2% in the first quarter on higher revenues from building cooling plants.

The company made AED21.35 million in the three months to March 31, compared with AED17.91 million in the year-earlier period, the company said in a statement on the Dubai bourse website.

The Dubai-listed firm plans to invest at least $5 billion in the coming five to seven years building cooling plants in the UAE and the Gulf, its chief executive told Reuters last week.

Tabreed, which has 25 cooling plants in the UAE and nearly 375,000 refrigerated tonnes of capacity, said revenues rose 13.9% to AED122.52 million.

Total assets rose 1.4% to AED4.25 billion, it said.

Abu Dhabi-based investment bank The National Investor began coverage of Tabreed this month with an "under-priced" rating, saying the company offers stable earnings growth. It gave a fair value of AED2.77 for the stock.

Shares of Tabreed were up 0.9% at AED2.24 at 0745 GMT and were the third most-heavily traded by volume. The stock has rallied almost 12% this month.

Tabreed said net profit including minority interest of AED9.21 million rose 24.6% to AED30.57 million.

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