Tabreed releases financial results for early 2015
For the six months, highlights included:
- Net profit attributable to the parent increased by 3 percent
- Core chilled water revenue increased by 5 percent
- Group revenue increased by 6 percent
- Earnings before interest, taxes, depreciation and amortization increased by 2 percent
Also, the buyback of 28 percent of bonds from Mubadala was unanimously approved and the transaction was completed July 1. For the third year in a row, a dividend of $1.36 per share was declared and paid to all shareholders.
Additionally, net finance costs decreased by 7 percent.
Operational highlights for the period included:
- Renewed district cooling agreement with major customer
- Total group-connected capacity across the Gulf Cooperation Council (GCC) countries reached 953,000 refrigeration tons
“Tabreed’s consistently strong results are a testament to the company’s stable utility infrastructure business model, which is anchored in a robust core chilled water segment," Tabreed Chairman Waleed Al Mokarrab Al Muhairi said,
Jasim Husain Thabet, Tabreed’s chief executive officer, agreed.
“We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 3 percent over the same period last year," he said.
Tabreed has 69 district cooling plants across the GCC and services many of the region’s critical projects.