Tabreed’s Reports 10% Increase In Net Profit To AED319.3 Million
Fakhir Rizvi Published November 14, 2018 | 01:15 PM
National Central Cooling Company, Tabreed, today released its financial results for the first nine months of 2018, reporting a 10% increase in net profit to AED319.3 million for the year up to 30th September, compared with the same period in 2017.
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 14th Nov, 2018) National Central Cooling Company, Tabreed, today released its financial results for the first nine months of 2018, reporting a 10% increase in net profit to AED319.3 million for the year up to 30th September, compared with the same period in 2017.
Tabreed’s latest financial results follow its announcement last month that it successfully issued a US$500 million (AED1.8 billion) fixed rate senior unsecured US Dollar denominated RegS sukuk with a 7 year tenor. The issue was 50% oversubscribed and saw strong institutional demand both locally and in Asia and Europe.
The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB credit ratings, assigned to Tabreed and to the sukuk itself. Tabreed also arranged new bank facilities of up to AED1.5 billion which, along with the sukuk, will be used to refinance AED2.8 billion of current corporate debt and provide a committed revolving credit facility which is available to fund the business as needed.
Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented, "We are pleased to report another strong set of both financial and operational results, with a net income increasing 10%, reflecting our solid group performance. We also saw stable growth in our connected capacity, adding over 29,000 of new customer connections in the first nine months of this year. Additionally, in Q3 we received new investment grade ratings from Moody’s and Fitch, which is a strong endorsement of Tabreed’s strong utility business model."
Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added, "These solid results follow our successful raising of a 500 million dollar sukuk, which was 50% oversubscribed, receiving strong institutional demand both locally and in Asia and Europe. This, coupled with another quarter of consistently strong results, confirms Tabreed’s position as a leader in district cooling in the region."
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
Record London close as oil prices drop on easing Middle East fears
TV tower in Kharkiv struck as Russia captured village
LCCI language courses from May 1
Governor for service oriented governance in Punjab
Survivors tell of panic at C.Africa river boat disaster
Enrolment campaign, awareness walk held in Lower Chitral
“Say no to plastic- yes to tress” campaign kicks off in Attock
'PML-N secures people's trust in by-polls'
Girl dies as pole falls in street
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago