Tabreed, which received funding earlier this year from state-owned fund Mubadala to restructure debt, said second-quarter net profit rose to AED43.8 million ($11.9 million) compared with AED40.3 million a year-ago.

Results for the quarter benefited from a 25 million dirhams reduction in financing costs due to the closure of its recapitalization program in April, the firm said in a statement.

Revenue for the quarter rose to AED286.6 million versus AED247.7 million for the year earlier period. Chilled water business revenues rose 29 percent to AED425.6 million for the first half of the year, Tabreed said.

The company, which repaid a $200 million Islamic bond in July, expects to complete 10 additional cooling plants by the end of the year, Chief Executive Sujit Parhar said.

In March, the firm secured an extra AED3.1 billion ($844.2 million) funding from state-owned fund Mubadala, helping it to tackle its debt pile.

Dubai-listed Tabreed, formally called National Central Cooling Company, is among several Gulf companies which has to restructure its debt after an economic boom, fueled by record-high oil prices and easy credit, ended abruptly and caused a property market crash.

It appointed Mubadala’s Chief Operating Officer Waleed al Muhairi as its new chairman in May, replacing Khadem Al-Qubaisi who stepped down from the board.  

Tabreed shares, which fell as much as 4.3 percent in early trade, recovered some of its losses to trade down 1.2 percent at 0635 GMT on the Abu Dhabi bourse. They have lost over 50 percent of their value year-to-date.