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UAE-based National Central Cooling Company (Tabreed) reported a 13 percent rise in group revenue over the nine-month period to AED1.66 billion ($452 million) from AED1.46 billion ($397.4 million) last year , while its net profit attributable to the parent rose 3 percent to AED400 million ($109 million).
Announcing its consolidated financial results for the January-September period, Tabreed said its earnings before interest, taxes, depreciation and amortization soared to AED912 million, up 18 percent from last year.
Abu Dhabi Utilities’ total connection capacity reached 1,258,201 refrigeration tons (RT) in the nine-month period ended 30 September, driven by a 48,106-ton increase in new customer connections and a 28,403-ton load increase in the UAE , Oman added 19,203 tons, Oman and Bahrain 500 RT.
The company also achieved a major safety milestone with 16,382,176 hours worked without a single lost time incident (LTI), most recently in July 2015
Regarding the main achievements of these three months, Tabreed said it made two important announcements. On September 13, its shareholders voted to increase its foreign ownership limit (FOL) to 100% to align with recent changes to the UAE’s commercial law – a strategically important move to increase flexibility and ensure Best stock market liquidity.
The next day, Tabreed signed an agreement with EHCS (Egyptian Healthcare Services Company) to design, build and operate a large district energy plant to provide cooling and heating to CapitalMed, EHCS’ new medical city project in Cairo.
This is the second major transaction Tabreed has announced in Egypt since the company entered the new market in February, the company added.
Additionally, in line with Tabreed’s progress throughout 2022, new connections were added in the UAE, Oman and Bahrain during the third quarter, increasing the company’s total connection capacity to 1,258,201 refrigeration tons (RT), the company said.
Commenting on the results, chairman Khaled Abdulla Al Qubaisi said the nine months had been strong for the company. “Throughout 2022, Tabreed delivered significant international growth, increased public awareness, and achieved long-term strategic goals. These third-quarter results demonstrate not only Tabreed’s resilience, but also the strength of its organic and sustainable approach to growth.” Wisdom – it is truly an outstanding Emirati company.”
“Building on this momentum, we will continue to forge new client relationships regionally and internationally, engage in long-term alliances and expand our product portfolio, further building on our already strong reputation for operational excellence,” he added.
Khalid Abdulla Al Marzooqi, CEO, said: “With these impressive third quarter results, Tabreed continues to demonstrate its impeccable credibility as a business that is safe for its stakeholders, investors, employees and the environment. “
He added: “We are constantly seeking new partnership opportunities with other progressive businesses that share our core principles, and we have exciting plans for the future with an increasingly diverse range of services that will strengthen our position as an industry leader. status.”.-TradeArabia News Service
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