UAE-based National Central Cooling Company (Tabreed) has announced a net profit of AED182.7m ($49.7m) for 2011, up 34 per cent from 2010.
Revenues increased 9 per cent to AED1.1bn driven mainly by its core chilled water business, which grew by 25 per cent to AED943.8m.
Tabreed added 45,800 refrigeration tonnes (RT) of capacity last year, up 8 per cent since 2010. The firm also achieved 78,115 RT in new connections in 2011, up 16 per cent from the previous year.
“During 2011, we completed the construction of 11 plants, eight for the Dubai Metro Green Line, which has increased our total connected capacity in the UAE to 555,181 RT,” says Sujit Parhar, chief executive officer at Tabreed.