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Tabreed's Chairman, Mohamed Saif Al Mazrouei described the 2005 financial results as a dream run and a phenomenal achievement - unmatched regionally and one of the best in the world.
"We will continue working together to deliver the difference - in innovation, growth in earnings and return on capital - to become even better," he said.
Tabreed, one the of the world's leading district cooling companies, last year achieved net profits of Dhs. 51.1 million compared to Dhs. 31.6 million in 2004.
"Tabreed begins 2006 with the greatest financial strength in the company's history, excellent core assets and many contract announcements in the pipeline,"
said Dany Safi, the company's CEO.
"The pace of change in the cooling industry has been rapid and the challenges have been demanding. Tabreed is in a maturing stage with dedicated and experienced management and clear investment policies. The outlook for the future is extremely bright."
The UAE-based company, with operations in five countries, generated 2005 revenues of Dhs. 400.9 million compared to Dhs. 242.1 million in 2004, a 65.5% increase. Gross profits for 2005 were Dhs 149.3 million, up from Dhs 91.3 million in 2004.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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