May 1 (Bloomberg) -- National Central Cooling Co., the United Arab Emirates utility known as Tabreed, said first-quarter profit rose 15 percent as it expanded the chilled water business and cut operating costs.
Net income advanced to 36.8 million dirhams ($10 million) from 31.9 million dirhams a year earlier, the company said in an e-mailed statement today. EFG-Hermes Holding SAE estimated a profit of 45 million dirhams, according to data compiled by Bloomberg. Group revenue declined 11 percent to 219 million dirhams.
“Due to our continued cost control and improved organizational efficiencies, operating costs declined 25 percent and operating profit increased 14 percent compared to the same period last year,” Chief Executive Officer Sujit Parhar said in the statement. “Net finance costs were notably lower reflecting our stable and improved capital structure.”
Tabreed said one new plant came online in the first quarter. The company currently operates 59 plants in the United Arab Emirates, with a number of additional projects in Bahrain, Oman, Qatar and Saudi Arabia, it said.
The shares have surged 160 percent this year.
To contact the reporter on this story: Stefania Bianchi in Dubai at email@example.com
To contact the editor responsible for this story: Edward Evans at firstname.lastname@example.org