Dubai – Mubasher: The National Central Cooling Co. (Tabreed) posted a 20.3% year-on-year rise in its profits during the second quarter of 2017, according to a bourse statement.
Net profits reached AED 117.5 million ($31.98 million) in Q2-17, compared to AED 97.70 million ($26.6 million) in Q2-16.
Revenues grew 14.23% to AED 369.08 million in Q2-17, compared to AED 323.09 million in Q2-16.
The company posted profits of AED 192.95 million in the first half of 2017, up 17.8% from AED 163.82 million in the prior-year period.
“Tabreed has earned a leading position in district cooling with a clear vision to deliver consistent and sustainable results to investors and shareholders,” according to chairman Khaled Abdulla Al Qubaisi.
“Its sound business model and growing customer and partner confidence is also reflected in the recent announcement of a major investment in Tabreed by global energy leader ENGIE, who will harness their long-standing experience to support Tabreed’s growth strategy and reinforce its reputation as a leading regional utility offering best in-class solutions and high quality longterm services,” Al Qubaisi added.
Profits from our associates and joint ventures increased by 29% year-on-year to AED 62.4 million in H1-17.
