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The opening of 11 new plants, including eight serving the Dubai Metro Green Line, boosted profits last year at the National Central Cooling Company, also known as Tabreed. The Dubai-listed utilities firm said net income advanced to Dh182.7 million ($50 million) from Dh136.8 million in 2010, an increase of 34 per cent.
Islamic bonds of National Central Cooling Company, known as Tabreed, rose on speculation the provider of air conditioning services to the Dubai Metro may follow Aldar Properties PJSC in getting financial support from Abu Dhabi. Tabreed’s floating-rate $200 million sukuk maturing in July rose 13 cents on the dollar in the past month to 88 cents on Tuesday, according to Exotix Ltd, an investment bank specialising in illiquid bonds.