UAE cooling firm sees double Q4 profits

UAE-based district cooling firm, Tabreed has said its fourth-quarter net profit has more than doubled, backed by strong performance at its core chilled water business and an increase in total capacity, Reuters has reported. Tabreed, which received funding from state-owned fund Mubadala to restructure debt last year, saw quarterly profit rise to Dhs52.9m ($14.40m) from Dhs21.1m a year ago. Full-year net income jumped 34% to Dhs182.7m, the company said. Group revenues rose 9% to Dhs1.1bn, with its main chilled water division accounting for Dhs943.8m of the overall revenues.

Posted on Wednesday, February 1-2012

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