UAE district cooling firm Tabreed’s Oman expansion pays off with H1-2022 net profit at Dh240m

UAE district cooling firm Tabreed’s Oman expansion pays off with H1-2022 net profit at Dh240m

Dubai: The UAE district cooling company Tabreed recorded a marginal 3 per cent increase in H1-2022 net profit to Dh240.4 million, helped by capacity gains in Oman and in its home markets. The company, which had revenues of Dh975.7 million, also marked another point in its regional expansion with an entry into Egypt. Tabreed ‘practically doubled’ the size of its concession capacity in Oman with the buy of a district cooling plant that services Al Mouj, the Sultanate’s new upscale master development. Tabreed’s portfolio in Oman includes seven plants and ‘Al Mouj represents the company’s biggest project there, evidence of its desire to drive further investment in this important territory’. "It has been a remarkable six months of geographical expansion, increased public awareness and making good on long-term objectives," said Khaled Abdulla Al Qubaisi, the Tabreed Chairman. The boost to numbers stems from the heavy capex and capacity expansion Tabreed went through in 2021, notably the full acquisition of the district cooling plant serving Abu Dhabi’s Al Maryah Island. “The first-half of 2022 is an accurate indication of where this company is heading and, in the near future, we will see other long-term strategic plans and investments come to fruition,”