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DUBAI / WAM
National Central Cooling Company, Tabreed, on Wednesday, released its financial results for the first nine months of 2018, reporting a 10% increase in net profit to AED319.3 million for the year up to September 30, compared with the same period in 2017.
Tabreed’s latest financial results follow its announcement last month that it successfully issued a $500 million (AED1.8 billion) fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue was 50% oversubscribed and saw strong institutional demand both locally and in Asia and Europe.
Tabreed also arranged new bank facilities of up to AED1.5 billion which, along with the sukuk, will be used to refinance AED2.8 billion of current corporate debt and provide a committed revolving credit facility which is available to fund the business as needed.