Emirati Central Cooling Company Tabreed recently announced a growth in their total revenues of 1,918 percent, resulting in an overall net profit of 2.7 million Emirati dirhams ($735 million) for the fiscal year of 2001.
Tabreed's provisional financial results report gross profits of Dh 7.9 million, a significant increase over last year's Dh 43.2 million. The company generated Dh 9.3 million as net cash from the supply of chilled water and related incomes, their core business operating activity.
The company also realized Dh 5.7 million during the year from cash deposits, to offset the Dh 3.8 million loss from operations.
Tabreed is the only company in the United Arab Emirates (UAE) to offer district cooling utilities, and currently has over 75,000 refrigerating tons under contract. Tabreed has called on shareholders to pay the outstanding amount of five Emirati dirhams per share later this year, to enable the company to capitalize on these investment opportunities.
A number of commercial, residential and military district cooling projects are currently underway across the UAE, including in Abu Dhabi, Al Ain, Ras Al Khaimah and Dubai. Other Tabreed projects are being considered, or are in various stages of negotiations, throughout the UAE and in the Kingdom of Saudi Arabia, Kuwait and Qatar. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
