Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its consolidated third quarter (Q3) 2012 financial results.  Chilled water operations and cost discipline continue to drive profitability, with the company increasing its customer connections by nearly 18,000 RT in Q3 2012.

Financial highlights – nine months ended 30 September 2012:

• Net profit attributable to the parent increased by 29 per cent to AED 167.6 million (2011 YTD: AED 129.8 million)
• Group revenue remained unchanged at AED 842.0 million (2011 YTD: AED 842.0 million) in line with expectations as the company continues to phase out its non-core value chain businesses
•  Chilled water revenue increased by 5 per cent to AED 747.6 million (2011 YTD: AED 711.5 million)
• Profit from chilled water operations increased by 21 per cent to AED 255.9 million (2011 YTD: AED 212.0 million) as the company generated further value from its economies of scale and enhanced efficiencies
• EBITDA increased by 12 per cent to AED 362.2 million (2011 YTD: AED 323.7 million)
• Net finance costs decreased by 26 per cent to AED 128.6 million (2011 YTD: AED 174.7 million)

 

Operational highlights – as of 30 September 2012:

• 17,769 RT of customer connections added in the third quarter
• Group installed capacity remained unchanged at 767,125 RT and Group connected capacity increased to 745,025 RT
• Installed capacity in the UAE remained unchanged at 605,325 RT and connected capacity increased to 587,075 RT

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s strategy – to grow its core chilled water business – continues to deliver strong financial results.  I am pleased with our performance to-date and expect us to finish the year strongly under Jasim’s leadership.  Tabreed remains in a strong position to capitalize on regional demand for district cooling and focused on creating sustainable value for all its stakeholders.”

Jasim Thabet, Tabreed’s CEO, added: “Tabreed’s robust performance reflects our strong business fundamentals.  Increased customer connections coupled with improved efficiencies in the chilled water business and a decline in finance costs drove net profit up 29% during the period.  Since Q3 2011, Tabreed has added 32,000 RT in customer connections, bringing its total customer connections in the GCC to 745,025 RT, and solidifying its position as the partner of choice for leading private and government institutions in the region.”

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.  The company also has six plants in the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through its affiliates and subsidiaries.