69WK Euro.bk. 31

 

TIDM69WK 
 
RNS Number : 8473V 
Tabreed 08 Financing Corporation 
09 November 2010 
 

 
9 November 2010 
For Immediate Release 
 
        TABREED ISSUES THIRD QUARTER 2010 CONSOLIDATED FINANCIAL RESULTS 
Steady Improvement Continues As Chilled Water Business Generates Strong Revenues 
                                  and Profit 
 
National Central Cooling Company PJSC ('Tabreed'), the Abu Dhabi-based utility 
company, today released its third quarter consolidated financial results.  For 
the nine months ended 30 September 2010, total revenue increased by 25 per cent 
to AED 710.9 million and net profit increased by 74 per cent to AED 123.2 
million over the same period in 2009.  Excluding minority interests, Tabreed's 
share of profits was AED 115.7 million compared to AED 53.7 million in the 
previous year.  These results build upon Tabreed's strong growth in the first 
half of 2010 as the Company makes progress towards achieving its strategic 
goals, particularly refocusing the business on its core business of chilled 
water. 
 
Financial Highlights - Nine months ended 30 September 2010 
·     Total revenue increased by 25 per cent to AED 710.9 million, compared to 
AED 570.7 million in the same period in 2009 
·     Gross profit increased by 28 per cent to AED 332.7 million, compared to 
AED 260.1 million in the same period in 2009 
·     Net profit increased by 74 per cent to AED 123.2 million, compared to AED 
70.9 million in the same period in 2009 
·     Chilled water revenue for the period was AED 496.5 million, a 92 per cent 
increase over the same period in 2009. 
·     Basic and diluted earnings per share doubled to AED 0.06 per share 
compared to the same period in 2009. 
 
Khaled Al Qubaisi, Tabreed's Managing Director said: 
"We are pleased to see continued improvements in the Company's performance as 
demonstrated in the results announced today and in prior quarterly results for 
the year. The changes we put in place in 2009 to improve performance, increase 
profitability and maximize returns are being demonstrated this year and enabling 
us to generate stronger returns." 
 
 
Sujit S. Parhar, Tabreed's CEO, said: 
"Our focus over the past 18 months has been on our core business of chilled 
water, and today's results demonstrate improved operational efficiencies and 
performance.  Tabreed now operates 49 district cooling plants, and has a further 
11 plant construction projects. " 
 
Third Quarter 2010 Highlights: 
Following the completion of five new plants and two plant expansions in the 
third quarter of 2010, 101,275 TR of gross capacity came online this quarter. 
This brings Tabreed's total gross installed cooling capacity to 541,525 TR 
across 49 plants.  The five plants and two plant expansions added in the third 
quarter were: 
 
·     Zayed Military City  - 10,000 TR 
·     Shams  - 10,000 TR 
·     Raha Beach - 45,000 TR 
·     Fujairah Naval Base - 4,400 TR 
·     New Souk, Abu Dhabi - 15,000 TR 
·     Dubai plant expansion - 9,375 TR 
·     Ras Al Kaimah plant expansion - 7,500 TR 
 
Following completion of these plants, Tabreed has just three plants and two 
expansions under construction, though contracts are now being awarded by Tabreed 
to build eight new plants for the Dubai Metro Green Line. 
 
Chilled Water 
Tabreed's core business of chilled water produced revenues of AED 496.5 million, 
compared to AED 258.5 million in the same period in 2009.  This performance was 
driven by new plants and plant expansion coming online.  Gross profit increased 
to AED 236.3 million from AED 126.1 in the same period the year before. 
 
 
Contracting 
The Company's contracting segment recorded revenues of AED 134.4 million, 
compared to AED 137.8 million over the same period in 2009, with gross profit of 
AED 28.2 million compared to AED 32.9 million in the first nine months of the 
previous year.  Tabreed's wholly owned subsidiary, Gulf Energy Systems, was the 
biggest contributor to the results reflecting further progress with the Sowwah 
Island and Shams projects. 
 
Manufacturing 
Tabreed's manufacturing segment reported revenues of AED 64.9 million compared 
to AED 129.9 million in the same period in 2009, while gross profit fell to AED 
18.7 million compared to AED 45.3 million in the same period of 2009.  This 
decline was due to reducing order books and an increase in competition at 
Tabreed's 60 per cent owned subsidiary, Emirates Pre-insulated Pipes Industries. 
 
Services 
Tabreed's services segment, which is involved in the design and supervision of 
building electrical and mechanical works, reported revenues of AED 58.2 million 
compared to AED 65.2 million in the same period in 2009, while gross profit fell 
to AED 49 million compared to AED 58.7 million in the same period in 2009.  The 
change reflects the regional real estate slowdown that affected the services 
division, which includes Ian Banham & Associates, l2l and Cooltech. 
 
 
 
                                    - ends - 
 
For more information: 
Theo Hildebrand 
Finsbury 
Tel: +971 50 352 4286 
Email: theo.hildebrand@finsbury.com 
 
Ross Bethell, Tabreed Corporate Communications Director 
rbethell@tabreed.com 
 
 
About Tabreed 
Tabreed is an Abu Dhabi-based utility company that pioneers solutions for the 
ever-growing demand for cost-effective, environment-friendly and efficient 
year-round cooling solutions in the Middle East. Founded in June 1998 and listed 
on the Dubai Financial Market, Tabreed is the largest district cooling provider 
in the world delivering sustainable long-term returns for its shareholders and 
comfort for all of its customers. Tabreed currently owns and operates 49 
district cooling plants, and via wholly-owned joint-ventures and subsidiaries 
has operations in Bahrain, Kuwait, Oman, Qatar and Saudi Arabia. Tabreed is an 
integral part of the region's infrastructure growth, providing cooling solutions 
to a wide-variety of residential, commercial and military communities. 
 
For more information please visit www.tabreed.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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