69WK Euro.bk. 31

 

TIDM69WK 
 
RNS Number : 8114Q 
Tabreed 08 Financing Corporation 
10 August 2010 
 

 
10 August 2010 
For Immediate Release 
 
        TABREED ISSUES SECOND QUARTER 2010 CONSOLIDATED FINANCIAL RESULTS 
               Chilled Water Business Drives Strong Profit Growth 
 
National Central Cooling Company PJSC ('Tabreed'), the Abu Dhabi-based utility 
company, today released its second quarter consolidated financial results.  For 
the six months ended 30 June 2010, total revenue increased by 16 per cent to AED 
432.3 million and net profit increased by 83 per cent to AED 86.8 million over 
the same period in 2009.  Excluding minority interests, Tabreed's share of 
profits was AED 80.7 million compared to AED 30.1 million in the previous year. 
The results were driven by strong growth in the Company's core business of 
chilled water as new plants and customers came online. 
 
Financial Highlights - Six months ended 30 June 2010 
 
·     Total revenue increased by 16 per cent to AED 432.3 million, compared to 
AED 373.8 million in the same period in 2009 
·     Gross profit increased by 16 per cent to AED 197.5 million, compared to 
AED 170.9 million in the same period in 2009 
·     Net profit increased by 83 per cent to AED 86.8 million, compared to AED 
47.4 million in the same period in 2009 reflecting certain non-cash finance 
gains associated with the Company's 2008 Convertible Sukuk 
·     Excluding these non-cash finance gains net profits increased by 3% 
·     Chilled water revenue for the period was AED 285.3 million, a 94 per cent 
increase over the same period in 2009.  This is attributable to an increase in 
chilled water sales as new plants and customers came online 
·     Basic and diluted earnings per share doubled to AED 0.04 per share 
 
 
 
Sujit S. Parhar, Tabreed's CEO, said: 
"Tabreed's focus on business fundamentals and the ongoing recapitalization 
program is repositioning the Company for growth.  Our strategy has been to focus 
on the core business of chilled water, and these robust first half results 
reflect growth in the Company's chilled water business and improved operational 
efficiencies. Going forward, these factors, combined with a diversified customer 
base, long-term contracts, a stable cost structure and strengthened corporate 
governance, will provide the foundation for continued growth. " 
 
Khaled Al Qubaisi, Tabreed's Managing Director said: 
"The results of the first six months of 2010 demonstrate the hard work of 
everyone at Tabreed, and the improvements made by the management team under the 
direction and supervision of the Board.  We will continue to build the platform 
to achieve the Company's objectives of improving performance, increasing 
profitability and maximizing returns.  Completing our recapitalization program 
will give Tabreed the right balance sheet for growth, and today's announcement 
towards the capital reduction is an important step in this process.  Tabreed 
remains a pioneer within the district cooling industry, able to offer bespoke 
solutions to the often complex cooling requirements of our customers." 
 
Second Quarter 2010 Highlights: 
Following the addition of four new plants in the first quarter of 2010, a 
further four plants with a combined capacity of 27,525 TR were added in the 
second quarter 2010. This brings Tabreed's total installed cooling capacity to 
449,625 (gross) TR across 44 plants, compared with 34 plants and a cooling 
capacity of 352,100 TR a year ago.  The four plants added in the second quarter 
were: 
 
·     Al Kifaf - 10,000 TR 
·     Rashidiya - 7,500 TR 
·     Jebel Ali - Jumeirah - 5,626 TR 
·     Jebel Ali Industrial - 4,000 TR 
 
A further 8 plants are under construction along with 2 planned expansions, of 
which 5 plants and 1 expansion are expected to come online in 2010. The capacity 
addition for 2010 is estimated at 148,300 (gross) TR. 
 
Chilled Water 
Tabreed's core business of chilled water produced revenues of AED 285.3 million, 
compared to AED 147.2 million in the same period in 2009.  This performance was 
driven by new plants and new customers coming online.  Gross profit increased to 
AED 130.1 million from AED 75.6 in the same period the year before. 
 
Contracting 
The Company's contracting segment recorded revenues of AED 104.7 million, 
compared to AED 93.7 million over the same period in 2009, with gross profit of 
AED 22.7 million compared to AED 14.6 million in the first six months of the 
previous year.  Tabreed's wholly owned subsidiary, Gulf Energy Systems, was the 
biggest contributor to the results reflecting further progress with the Sowwah 
Island and Shams projects. 
 
Manufacturing 
Tabreed's manufacturing segment reported revenues of AED 41.5 million compared 
to AED 116.7 million in the same period in 2009, while gross profit fell to AED 
13.2 million compared to AED 41.9 million in H1 2009.  This decline was due to 
reducing order books at Tabreed's 60 per cent owned subsidiary, Emirates 
Pre-insulated Pipes Industries. 
 
Services 
Tabreed's services segment, which is involved in the design and supervision of 
building electrical and mechanical works, reported revenues of AED 38.5 million 
compared to AED 45.4 million in the same period in 2009, while gross profit fell 
to AED 32.6 million compared to AED 40.1 million in the first half of 2009.  The 
change reflects the regional real estate slowdown that affected the services 
division, which includes Ian Banham & Associates, l2l and Cooltech. 
 
Update on Recapitalization Program: 
Since Tabreed's shareholders approved a recapitalization program for Tabreed on 
30th May 2010, the Company has continued to make progress on the program. 
Tabreed announced today its intention, subject to regulatory approval, to reduce 
the Company's share capital through the cancellation of approximately 
970,000,000 shares.  The cancellation of shares will be on a pro-rata basis at a 
ratio of 5:1.  Each shareholder will retain one share for every five shares it 
holds, and the remaining shares will be cancelled.  The percentage holding in 
the Company of each shareholder will be the same after the capital reduction as 
before, subject only to minor adjustments as fractional shares will not be 
issued. 
 
The proposed cancellation of shares through a capital reduction is a key 
component of Tabreed's recapitalization program. Tabreed has submitted the 
capital reduction proposal to the Emirates Securities and Commodities Authority 
for approval and will provide further updates to shareholders in due course. 
 
                                    - ends - 
 
For more information: 
Theo Hildebrand 
Finsbury 
Tel: +971 50 352 4286 
Email: theo.hildebrand@finsbury.com 
 
Ross Bethell, Tabreed Corporate Communications Director 
rbethell@tabreed.com 
 
 
About Tabreed 
Tabreed is an Abu Dhabi-based utility company that pioneers solutions for the 
ever-growing demand for cost-effective, environment-friendly and efficient 
year-round cooling solutions in the Middle East. Founded in June 1998 and listed 
on the Dubai Financial Market, Tabreed is the largest district cooling provider 
in the world delivering sustainable long-term returns for its shareholders and 
comfort for all of its customers. Tabreed currently owns and operates 44 
district cooling plants, and via wholly-owned joint-ventures and subsidiaries 
has operations in Bahrain, Kuwait, Oman, Qatar and Saudi Arabia. Tabreed is an 
integral part of the region's infrastructure growth, providing cooling solutions 
to a wide-variety of residential, commercial and military communities. 
 
For more information please visit www.tabreed.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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