Tabreed reports net profit of $24mn for Q1, 2022
Firm said it has also expanded its concession capacity in Oman, in addition to adding new connections in the UAE and Bahrain
The National Central Cooling Company (Tabreed) has reported a net profit of US $24mn for the first quarter, up 3.1% over the same period last year. The company’s revenue increased by 17% to hit $114.3mn, the firm said.
Announcing its consolidated financial results for the first three months ended March 31, 2022, Tabreed said the revenue for the first three months increased by 17% to $114.2mn, while its core chilled water revenue increased by 20% to $110.4mn. Its ebitda increased by 16% to $71.77mn and profit from operation rose 14% to hit $41.8mn.
Tabreed practically doubled the size of its concession capacity in Oman with the acquisition of the district cooling plant that services Al Mouj, the Sultanate’s most prestigious new real estate development, the statement explained.
The company’s portfolio in Oman now includes seven plants, and Al Mouj is said to represent the company’s biggest project there, which it says is evidence of its desire to drive further investment in that territory. A further nine new connections were added in the UAE and Bahrain during the quarter, increasing Tabreed’s total connected capacity to 1,236,433 Refrigeration Tons (RT), it added.
“This is a truly exceptional UAE company and these first quarter results demonstrate, not only Tabreed’s robustness, but the wisdom of its organic and sustainable approach to growth,” said Chairman Khaled Abdulla Al Qubaisi.
Rounding off the first quarter of 2022 with a clear indication of its environmental goals, in March Tabreed publicly announced a new Green Financing Framework that will benefit its investors, stakeholders, developers and communities alike, by aligning operations with the sustainability and ‘Net Zero’ targets of each country Tabreed is present within, he added.
During February, Tabreed also announced its entry into the Egyptian market, partnering with The Egyptian Company for Energy and Cooling projects (Gascool) and Marakez for Real Estate Investment Company, to provide district cooling services to the new D5M mall in New Katameya, East Cairo, the statement concluded.
