Tabreed reports Dh23.64m profit in the third quarter

Abu Dhabi: National Central Cooling Company PJSC ‘Tabreed’, the Abu Dhabi-based utility company released its third quarter 2009 consolidated financial results. The company’s third quarter profit rose to Dh 23.64 million from Dh15.5 million last year, according to a statement posted on the Dubai bourse Web site today.

For the nine months ending 30 September 2009, total revenue increased by 15 per cent compared to the same period in 2008. Total revenue increased by 15 per cent to Dh 570.7 million, compared to Dh498.3 million in the same period in 2008. Gross profit increased by 9 per cent to Dh 260.1 million compared to Dh238.0 million in 2008

“The strong results today demonstrate the integral role that Tabreed plays with the growth of Abu Dhabi. We have been extremely busy this quarter building new plants to add to our portfolio of assets, and brought two new plants on-stream in the third quarter including Yas Island in time for the November Abu Dhabi Formula One Grand Prix. We have also been making progress on improving our operational efficiencies for existing operations. Our priority continues to be reducing our costs and corporate overheads and improving our operational efficiencies so that we can continue to meet the region’s infrastructure needs,” said Sujit S. Parhar, Tabreed CEO.