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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.
National Central Cooling Co., known as Tabreed, said it is in the process of awarding contracts for eight new plants that would serve a Dubai Metro line. The company said it built five new plants and expanded two others in the third quarter and has three plants and two expansions under construction, according to a statement to the Dubai bourse today.
Tabreed, which provides cooling for projects such as the Dubai metro and Abu Dhabi's Yas Island, said in a statement it was deferring payment on the sukuk due in 2011 as its board considered further amendments to the bond's terms in connection with its recapitalisation programme.
Tabreed, the Middle East's largest district cooling firm, on Sunday said it sold its 50 percent stake in its Jordanian subsidiary without disclosing the deal's financial terms. The company provides centralised cooling for projects such as the Dubai Metro and Abu Dhabi's Yas Island.