National Central Cooling Co. said third-quarter profit jumped 55 percent as the United Arab Emirates utility known as Tabreed delivered projects and cut costs.
Net income for the period advanced to 54.1 million dirhams ($14.7 million) from 35 million dirhams, Chief Executive Officer Sujit Parhar said on a conference call with reporters today. EFG-Hermes Holding SAE estimated a profit of 47 million dirhams, according to data compiled by Bloomberg.
Nine-month profit rose 12 percent to 129.8 million dirhams from 115.7 million dirhams from a year earlier, the company said in an e-mailed statement. Eleven new plants came on line during the third quarter, while capacity increased at two existing plants, he said.
“Tabreed continues to improve its performance, with revenue and net profit increasing throughout the year,” Chairman Waleed Al Mokarrab Al Muhairi said in the e-mailed statement. “Tabreed has delivered a number of vital projects during this period and will continue to benefit from an improved operational efficiencies and economies of scale.”