UAE Business: Tabreed nine-month revenue soars to $452m, profit up 3pc – Gulf Digital News

UAE Business: Tabreed nine-month revenue soars to $452m, profit up 3pc – Gulf Digital News

UAE-based National Central Cooling Company (Tabreed) has reported 13% growth in its group revenue for the nine-month period, hitting AED1.66 billion ($452 million) over AED1.46 billion ($397.4 million) last year, while its net profit attributable to the parent increased 3% to AED400 million ($109 million).

Announcing its consolidated financial results for January to September period, Tabreed said its ebitda surged to AED912 million, posting an 18% growth over last year.

During the nine-month period ended September 30, Abu Dhabi utility's total connected capacity reached 1,258,201 Refrigeration Tons (RT) boosted by the addition of 48,106 RT of new customer connections, with load additions of 28,403 RT in the UAE, 19,203 RT in Oman and 500 RT in Bahrain. The company also achieved a major safety milestone clocking 16,382,176 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

On its key achievements for the three-month period, Tabreed said it made two significant announcements. On September 13, its shareholders voted to harmonise with recent UAE changes to commercial law by increasing its foreign ownership limit (FOL) to 100% - a strategically important move that increases flexibility and ensures the best possible share marketability.

The following day, Tabreed signed an agreement