Dubai: National Central Cooling Company, also known as Tabreed, reported on Monday a 6 per cent rise in full-year profit that it said was due to its sizeable presence in the Gulf Cooperation Council states and “optimisation of its capital structure.”
The Abu Dhabi-based company made Dh345 million in the 12 months to December 31, 2015 compared to Dh325.7 million a year earlier, according to a statement posted to the Dubai Financial Market (DFM). Revenue for the year was Dh1.17 billion, up 4 per cent from Dh1.13 billion. The statement did provide fourth quarter earnings.
Full-year earnings per share rose 19 per cent to 11 fils, which Tabreed said was largely to buyback of mandatory convertible bonds.
The company said its board would recommend a cash dividend of 6 fils per share, up from last year’s 5 fils per share.
“Government and private entities across the GCC continue to see the energy and environmental benefits of deploying district cooling technologies for their major infrastructure projects. This increased appreciation of the advantages of district cooling over conventional air conditioning is creating new growth opportunities, and has helped3our Qatari affiliate, Qatar Cool, win the contract to provide district cooling services to the upcoming Qatar Rail project in Doha,” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said in Monday’s statement.
Tabreed has 69 district cooling plants across the GCC. Shares were up 3.55 per cent to Dh1.02 in midday trade on Monday
