Tabreed net profit climbs on rising international presence

Tabreed net profit climbs on rising international presence

Tabreed on Tuesday said its nine-month net profit rose three per cent to Dh400 million as the company’s total connected capacity reached 1,258,201 refrigeration tonnes.

In a statement, the UAE’s district cooling provider released its consolidated financial results for the first nine months of 2022, reporting an earnings before interest, taxes, depreciation and amortization (EBITDA) of Dh912 million – an 18 per cent increase over the same period last year.

The company also reported 13 per cent year-on-year growth in revenues to Dh1.66 billion as the company added new customer connections to its network. It added 48,106 refrigeration tonnes (RT) of new customer connections with load additions of 28,403RT in the UAE, 19,203RT in Oman and in Bahrain were increased by 500RT.

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said it had been a strong nine months for the company.

“Throughout 2022, Tabreed has achieved important international growth, elevated public awareness, and accomplishment of long-term strategic goals. These third quarter results show not only Tabreed’s resilience but also the wisdom of its organic and sustainable approach to growth – it is truly an exceptional UAE company,” he said.

He said Tabreed continues to post record profits and has a consistently strong balance sheet, evidenced by Fitch’s