The National Central Cooling Company, also known as Tabreed, reported a 13 per cent increase in third-quarter net profit, driven by “resilience and agility” in a tough operating market.
Net profit attributable to equity holders of the parent for the three months to the end of September grew to Dh146 million ($40m) from the year-earlier period, the company said in a statement to the Dubai Financial Market, where its shares trade.
“Tabreed remains well positioned from an operational and capital perspective despite the uncertainties and challenges brought on by this year’s events, as reflected by the resilient and strong performance of our businesses," chief executive Bader Al Lamki said.
"In turn, we are making progress on executing on our long-term plans, including investing in infrastructure, and deploying capital in attractive long-term opportunities."
Revenue for the period increased 20 per cent annually to Dh548m from the same period a year ago, the district cooling provider, in which France’s Engie and Abu Dhabi’s Mubadala Investment Company hold stakes, said.
In October, Tabreed gained approval from shareholders to raise up to $1 billion through the issuance of bonds or sukuk to fund acquisitions, as well as for general corporate purposes.
Shareholders authorised the board to issue bonds or sukuk in one or more tranches over the next 12 months.
It subsequently raised $500m with a seven-year, 2.5 per cent coupon bond issuance. The issuance was oversubscribed almost five times at its initial size of $400m.
Net profit in the first nine months increased 13 per cent to Dh370m from the year-earlier period, while revenue jumped 12 per cent to Dh1.3bn.
In April, Tabreed bought a majority stake in Emaar Properties’ Downtown Dubai district cooling business for Dh2.48bn. The deal, financed through a corporate loan, gave Tabreed an 80 per cent stake, with Emaar retaining the balance under a long-term partnership deal.
In January, the company bought cooling plants in Masdar City. It is exploring the development of large-scale cooling plants in Sharjah through a joint venture with environmental management company Bee’ah.
Tabreed remains well-positioned from an operational and capital perspective despite the uncertainties and challenges brought on by this year's events
Tabreed has 83 district cooling plants, and operates in the UAE, Saudi Arabia, Bahrain, Qatar and Oman.
It provides district cooling to developments such as Burj Khalifa, the Sheikh Zayed Grand Mosque, Dubai Metro and Ferrari World in the UAE, Bahrain’s financial centre and the Jabal Omar Development in Saudi Arabia.
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
UAE currency: the story behind the money in your pockets
Under 19 World Cup
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
SPECS
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Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Pros%20and%20cons%20of%20BNPL
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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UAE currency: the story behind the money in your pockets
Ms Yang's top tips for parents new to the UAE
- Join parent networks
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- Keep an open mind
Scoreline
Saudi Arabia 1-0 Japan
Saudi Arabia Al Muwallad 63’
COMPANY%20PROFILE
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