Tabreed profit up 6 per cent as it extends footprint across the GCC

Company says Dh1bn buyback of convertible bonds from Mubadala helped to improve capital structure and boosted earnings per share.

District cooling company Tabreed has announced a 6 per cent increase in profit for 2015 to Dh345.5 million, on the back of a 4 per cent increase in revenue to Dh1.17 billion.

The Abu Dhabi-based company said that its “robust” performance was driven by its size across the GCC and a change to its capital structure through a Dh1bn buyback of convertible bonds from Mubadala.

This buyback and subsequent cancellation of these convertible bonds has meant earnings per share increased by 19 per cent to Dh0.11 per share.

The company said that it increased connection capacity by 35,563 refrigeration tonnes (RT) during the course of the year.

This was achieved through new connections within communities at West Bay and The Pearl, Qatar in Doha, to the Jabal Omar development project at Makkah in Saudi Arabia and the new Avenues Mall in Muscat, Oman. As a result, its total connected capacity now stands at 974,377RT, provided through 69 district cooling plants.

Waleed Al Mokarrab Al Muhairi, the chairman of Tabreed, said: “As a utility infrastructure company, Tabreed is able to deliver consistent and stable results year-on-year.”

The firm said it is recommending a distribution of 6 fils per share as a cash dividend to shareholders.

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