Total assets increased to AED 1,767,791,021 from AED 1,660,504,424 in December 31, 2004.
Mr. Karl Marietta, Chief Financial Officer - Tabreed, commented: "Tabreed's first quarter results benefited from the strong construction activity in the district cooling industry. Tabreed has positioned itself through its subsidiaries to take advantage of this growing industry".
Also commenting on Tabreed's results, Dany Safi, CEO Tabreed said: Despite the fact that the cooling business peaks primarily in the summer and hot months, we have managed to have good results for the first quarter of 2005. We are pleased with our performance and are confident we will meet the shareholders' expectations for many years to come". Our steady and strong results prove that investing in Tabreed is a long term strategy for individual investors and that it is a "Buy and Hold" company".
Tabreed has just completed its AED 500 million rights issue with a two-times oversubscription, thus bringing the company's total capital to AED 1 Billion.
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Tabreed announces first quarter financial results
- United Arab Emirates: Saturday, April 30 - 2005 at 14:20
- PRESS RELEASE
Tabreed, the National Central Cooling Co. (PJSC) announced today revenues of AED 78,550,804 for its first quarter of 2005, representing a 145% increase over the same period of 2004 and Net Profit rose by more than 193% to AED 17,134,737.
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Notes and media contacts
Issued by Tabreed's Corporate Communication Dept.For further information please contact Rita Chahoud or Noura Al Ali on Tel: +971 4 3404422
About Tabreed
Tabreed has offered district cooling services as a utility in the UAE for over five years, pioneering energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The largest district cooling service provider in the world, Tabreed offers customers the highest quality service through an integrated energy system devised to help them optimise their energy usage and reduce power and maintenance costs. Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.
Posted by Lara Lynn Golden, News EditorSaturday, April 30 - 2005 at 14:20 UAE local time (GMT+4)
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