Tabreed's revenue crosses Dh173m

Dubai: National District Cooling Co (Tabreed) yesterday reported a 42 per cent increase in its second quarter revenues to Dh173.37 million this year, over the second quarter of 2007.

"The company posted gross profit of Dh76.35 million for the period, up from Dh58.23 million in the 2007 quarter. Tabreed's net profit increased to Dh23.5 million as compared to Dh12.72 million in the same quarter in 2007 and total assets increased from Dh4.51 billion to Dh6.83 billion over the course of the second quarter," a company statement said.

Tabreed's chairman, Khadem Al Qubaisi, said: "We are very confident that our earnings growth will continue to expand at a fast pace, particularly after signing a number of significant contracts in the UAE and abroad.

"Additionally, we recently announced our plan to launch a new business model within Tabreed, which will allow us to fund growth while providing increased shareholder value. The new business model is focused on our mission to continually increase shareholder returns and the company's profits."

Tabreed will form a new asset holding company into which existing assets will be transferred at a fair market value. This major revision to the company's existing business structure is focused on increasing future profitability.