Tabreed announces Q1 2023 results

Tabreed announces Q1 2023 results

- Partnership with Saudi Arabia’s Public Investment Fund results in 30% stake

- Group well positioned for further growth during 2023

Abu Dhabi, United Arab Emirates: Tabreed, the UAE headquartered leading international district cooling developer, today released its consolidated financial results for the first quarter of 2023, reporting a net profit of AED 236.4 million, compared to AED 88 million during the same period in 2022.

In the three months ended on 31 March 2023, Tabreed’s revenue increased by 10% YoY to AED 464 million, from AED 420 million in Q1 2022. This was mainly driven by increases in new connections during the past 12 months and higher consumption volumes.

Further new customers and projects were added during the first quarter, with an addition of 12,000 Refrigerated Tons (RT) across the UAE and Oman, increasing Tabreed’s total connected capacity to 1.276 million RT. Additionally, in February, Saudi Tabreed entered a partnership with the Saudi Public Investment Fund (PIF) as a new shareholder with a 30% stake, reflecting the Group’s continual focus on high potential growth markets.

Financial highlights – three months ended 31 March 2023:

- Group revenue increased by 10% to AED 464 million (Q1 2022: AED 420 million)

- Profit from Operation increased by 12%