Tabreed announces 2004 results

Net profit advanced by 35% to reach AED 31,585,027 compared to AED 23,373,321 in 2003. Revenues from core business soared to AED 101,494,191compared to AED 75,458,917in the previous year. The company posted gross profit of AED 91,296,517 for the year, up from AED 62,430,760 in 2003. At the yearend, Tabreed's total assets reached AED 1,660,504,424, representing an increase of 33%, from 2003.

Commenting on the company's 2004 results Tabreed's Chairman, Mr. Mohamed Saif Al Mazrouei said: "By any measure, 2004 was a year of solid progress for Tabreed. We exceeded our financial targets, advanced our growth strategy and generated strong total returns for our shareholders. Moreover, we set the stage for continued growth in 2005 and beyond." "Our revenues from chilled water operations rose more than 34% from 2003 which resulted in a 46% increase in the company's gross profit and 35% in net profit over the last year, beating our projections of 2004 budget by 20%." added Mazroui.

During the year, the company successfully signed several new major contracts for high profile projects in the country and abroad. In Abu Dhabi and Al Ain, Tabreed will soon commence construction work for two new chilling stations in Baynunah and Al Ain Air College respectively after wining significant contracts to supply district cooling energy to a number of anchor customers. In Dubai, the company signed 20-year contracts to provide district cooling services to three landmark buildings on Sheikh Zayed Road (Kharbash Tower, Park Place and Capital Towers). These projects will join the roster of buildings that are served by Tabreed's flagship district cooling station in the area which already supplies Shangri-la Hotel, Rotana Towers, Tower Number One Suites and Noor Al Maarif School. Meanwhile, "Qatar Cool" Tabreed's sister company in Qatar, has secured two strategic ground-breaking contracts to provide chilled water-cooling to Commercialbank's new headquarter building in Doha's West Bay, and International Trade Development (ITD) Tower in the same area. West Bay's chilling station will have the opportunity to serve this large scale development of ten square kilometers with the potential of supplying over 42,000 Refrigerating Tons of cooling.

"Today we have district cooling operations in 3 countries (UAE, Qatar, Bahrain) and we'll further expand in the GCC region where we can build leadership positions and replicate our business model as large scale development projects and energy resources are readily available in these countries" said Mazroui.