Tabreed’s second quarter profit rises on higher revenue

National Central Cooling Company, the utilities company better known as Tabreed, reported a 3 per cent increase in its second-quarter profit as revenue jumped amid the company's push for geographical expansion.

Profit attributable to equity holders of the parent company for the three months to the end of June climbed to Dh152.1 million ($41.41m), Tabreed said in a statement to the Dubai Financial Market, where its shares are traded. Revenue for the reporting period rose almost 9 per cent year-on-year to Dh555.7m.

“It’s another remarkable result for Tabreed but not at all surprising, as the carefully considered and planned trajectory for this incredible pillar of UAE industry is coming together precisely as we envisaged," Khaled Al Qubaisi, Tabreed’s chairman, said. "It has been a remarkable six months of geographical expansion, increased public awareness and making good on long-term objectives."

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