National Central Cooling Company PJSC Announces Audited Earnings and Operating Results for the Year 2013
January 25, 2014
Share
National Central Cooling Company PJSC announced audited earnings results for the year 2013. For the year, the company's net profit attributable to the parent increased by 15% to AED 272.4 million against AED 236.3 million a year ago. Core chilled water revenue increased by 4% to AED 1,027.4 million against AED 992.3 million a year ago. Core chilled water profit from operations increased by 6% to AED 347.8 million against AED 328.4 million a year ago. Group revenue was declined by 2% to AED 1,100.2 million against AED 1,128.7 million a year ago. EBITDA increased to AED 506.6 million against AED 501.7 million a year ago. Cash generated from operations grew by 51% to AED 598 million against AED 396 million a year ago.
For the year, the company reported 72,000 RT of customer connections added across the group in 2013, group connected capacity in the GCC increased by 9% to reach 839,000 RT, connected capacity in the U.A.E. increased by 4% to reach 636,000 RT and major customer connections included Yas Mall (14,000 RT), World Trade Centre Mall (5,120 RT), and Saudi Aramco (27,000 RT).
National Central Cooling Company PJSC (Tabreed), a subsidiary of Mubadala Development Company PJSC, is a United Arab Emirates-based company engaged in the provision of cooling solutions to government, commercial, residential and private organizations across the Middle East. The Company is organized into two segments: The Chilled Water segment, which constructs, owns, assembles, installs, operates and maintains cooling and conditioning systems, as well as distributes and sells chilled water for use in district cooling technologies, and the Value chain business segment, which is involved in ancillary activities relating to the expansion of Companyâs chilled water business. Tabreedâs portfolio includes 66 plants across the Gulf Cooperation Council (GCC). The Companyâs affiliates and subsidiaries include Qatar District Cooling Company QCSC and Bahrain District Cooling Company BSC, among others.