Tabreed, the Abu Dhabi central cooling company, today posted Dh32.8 million (US$8.9 mn) in net profit for the first quarter, a 25 per cent drop from the same period last year.
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The company attributed the drop to higher finance costs.
Operating profit increased by 55 per cent from the first quarter of last year, based on 23 per cent increase in revenue, from Dh199.7m in 2010 to Dh245.6m in the first quarter of this year.
Additional connections drove up revenue for the company's core chilled water business, which increased 32 per cent to Dh183.6m, up from Dh139.1m in the first quarter of 2010. But revenue declined in the manufacturing and services sector due to the regional real estate slow down and increased competition, the company said.
On April 1 Tabreed completed recapitalisation programme, including the refinancing of Dh2.63 billion in debt and arranging Dh3.1bn in long term capital from Mubadala, the Abu Dhabi government's investment arm.
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
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LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
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Nice v Angers (9pm)
Lille v Monaco (10.45pm)
Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
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Saint-Etienne v Rennes (5pm)
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Coming soon
Torno Subito by Massimo Bottura
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Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
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The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
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