Abu Dhabi based district cooling utility company, Tabreed, today announced its consolidated first half (H1) 2012 financial results. The core chilled water business and lower finance costs helped the company to declare strong operational and financial performance in H1 2012.
Net profit for the first half of 2012 reached AED 94.7 million, up 25 per cent compared with AED 75.7 million in the same period of 2011. As the company generated further value from its economies of scale and enhanced efficiencies, Chilled water profit from operations increased by 20 per cent to AED 155.5 million from AED 129.8 million of the same period in 2011.
Group revenue for the first half of 2012 amounted to AED 515.7 million, a decrease of 3 per cent from AED 532.2 million in the same period last year. Chilled water revenue increased by 5 per cent to AED 444.9 million (H1 2011: AED 425.6 million).
EBITDA reached to AED 223 million for the first half of 2012, up by 9 percent as compared to AED 204.7 million of H1 2011.
Net finance costs decreased by 33 per cent to AED 87.2 million in comparison to AED 129.5 million in H1 2011, due to the completion of the recapitalization program in 2011.
Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “In the first six months of 2012, Tabreed delivered strong financial and operational results underpinned by continued cost control, improved efficiencies and a strong performance by the company’s chilled water business. In line with our
strategy, we remain focused on growing this segment while delivering sustainable returns and creating long-term value for our stakeholders.”
Sujit Parhar, Tabreed’s CEO, added: “The underlying strength of our chilled water business is reflected in our first half performance and as we look ahead to the rest of 2012, the company will continue to enhance operational efficiencies and achieve greater yields from its existing plants.”
“Today, Tabreed delivers over 727,000 RT of cooling to customers across the region, and has established itself as the partner of choice for leading government and private organizations in the GCC,” added Parhar.
Tabreed is an Abu Dhabi-based utility company that provides cost effective and energy efficient year round cooling solutions in the GCC. Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and
seven are operated through its affiliates and subsidiaries.
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