Tabreed releases 2009 first quarter results

The results showed a 29% rise in consolidated net income compared to the same period in 2008.

This increase reflected a strong rise in gross revenues particularly within Tabreed's manufacturing business, in part offset by higher costs associated with higher sales volumes.

Other highlights from the first quarter include:

• 16 district cooling plants are under construction
• 4 New district cooling contracts signed that will supply a combined total of 9,905 tonnes of new cooling capacity per year
• New Chief Executive Officer appointed: Sujit S. Parhar
• New Chief Financial Officer appointed: Steve Ridlington

Commenting on the results, Khadem Al Qubaisi, Tabreed Chairman said:

"Over the past 10 years Tabreed has become an integral part of the Abu Dhabi growth engine. The fact that we have 33 operating district cooling plants generating revenue for the company and a further seven expected to come online in Abu Dhabi this year demonstrate the long-term sustainable growth of Tabreed."

Sujit S. Parhar, Tabreed CEO added:
"Despite the current economic climate and the cautious outlook for 2009, we are pleased that our first-quarter results demonstrate year-on-year growth for Tabreed. Our focus on delivering long-term returns for our shareholders is evident by the strong results announced today."