National Central Cooling Company (Tabreed) announced net profits of Dh23.37 million ($6.36 million) in 2003, a rise of 187 per cent over the previous year.

Revenues soared to Dh190.97 million, compared with Dh85.38 million over the same period last year. By the year’s end, the shareholder’s equity stood at Dh 541.68 million and its total assets reached Dh1.24 billion. 
Commenting on the results, Dany Safi, CEO of Tabreed, said: “Tabreed’s production capacity has expanded at triple-digit rates in 2003 to reach 87,400 refrigeration tonnes compared with 41,000 refrigeration tonnes in 2002”.
Highlights for Tabreed in 2003 included the signing of two major 20-year contracts. The first was with the National Investment Corporation to provide cooling services to its multi-billion-dirham development Marina Mall expansion in Abu Dhabi.  The second contract saw the company sign a deal with the Omnix Group to provide cooling services to Dubai Pearl, a three-billion-dirham downtown community centre development.
Tabreed has also acquired two district-cooling plants from General Industries Corporation in Abu Dhabi with an installed capacity of 13,000 refrigeration tonnes. 
Recently, Tabreed signed a 20-year contract to provide cooling services to the 60-storey Park Place residential high-rise development on Sheikh Zayed Road. The landmark commercial tower joins the roster of buildings that utilises Tabreed’s district cooling services, including the Shangri-la Hotel, Rotana Towers, Tower Number One Suites and Noor Al Maarif School.
“Our market position and the broad-based strength of our portfolio are the cornerstones of our ability to deliver solid results over the years. We expect profits to further improve next year when we hand over some UAE Armed Forces plants and finalise several additional contracts in the UAE, Qatar and Bahrain which are at the final agreement stage,” said Safi.
“Moreover, when added to our existing long-term contracts, the recent agreements signed now form a critical mass from which the company’s continued growth can be assured,”  he added.
Tabreed has pioneered energy-efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region.  The largest district cooling service provider in the world, it offers customers the highest quality service through an integrated energy system devised to help them optimise their energy usage and reduce power and maintenance costs.
Tabreed held a special briefing for 30 brokers from Abu Dhabi and Dubai to review the company’s 2003 results and discuss investment potential for the cooling utility.
“We are determined to continue to leverage our strong market position in the UAE and across the GCC markets as we look to expand across the region,” Safi told them. 
Present at the meeting were Tabreed financial controller Sandeep Arora, CFO Karl Marietta and shareholder relations manager Noura Al Nuwais.