Revenues over 9 months increased by 13% to reach MAD 1.66 billion; The third quarter saw changes to foreign ownership limits and the signing of a major new deal in Egypt
The company added 48,106 tonnes of refrigeration (RT) new customer connections with load additions of 28,403 RT in the United Arab Emirates, 19,203 RT in Oman and Bahrain increased by 500 RT. — File photo
Tabreed said on Tuesday its nine-month net profit rose 3% to 400 million dirhams as the company’s total connected capacity reached 1,258,201 tonnes of refrigeration.
In a statement, the UAE district cooling provider released its consolidated financial results for the first nine months of 2022, reporting earnings before interest, taxes, depreciation and amortization (EBITDA) of Dh912 million – an increase 18% compared to the same period last year.
The company also reported 13% year-on-year revenue growth to 1.66 billion dirhams as the company added new customer connections to its network. It added 48,106 tons of refrigeration (RT) new customer connections with load additions of 28,403 RT in UAE, 19,203 RT in Oman and Bahrain increased by 500 RT.
Good performance in 2022
Khaled Abdulla Al Qubaisi, chairman of Tabreed, said it has been a solid nine months for the company.
“Throughout 2022, Tabreed has achieved significant international growth, increased public awareness and the achievement of long-term strategic goals. These third quarter results not only show Tabreed’s resilience, but also the wisdom of its organic and sustainable approach to growth – it is truly an outstanding UAE company,” he said.
He said Tabreed continues to post record earnings and has a still strong balance sheet, as evidenced by Fitch’s updated rating outlook of “stable” and confirmed at BBB.
“Building on this momentum, both regionally and internationally, we will continue to build new relationships with our customers, engage in long-term alliances and expand our portfolio, further enhancing our already excellent reputation as a operational excellence,” he said.
Major announcements in Q3
Over the past three months, Tabreed has made two important announcements. On September 13, it was confirmed that shareholders had voted to align with recent changes to the UAE’s commercial law by increasing its foreign ownership limit to 100% – a strategically important move that increases flexibility and ensures best possible marketing of the shares.
The following day, September 14, Tabreed signed an agreement with Egyptians for Healthcare Services Company (EHCS) to design, build and operate a large district energy plant to provide cooling and heating to CapitalMed, a brand new city project in health care by EHCS in Cairo. This is the second major deal announcement in Egypt by Tabreed since the company entered this new market in February 2022.
Additionally, and in line with Tabreed’s progress throughout 2022, the third quarter saw the addition of new connections in the United Arab Emirates, Oman and Bahrain, bringing the company’s total connected capacity to 1,258,201 RT.
“We are constantly looking for new opportunities to collaborate with other progressive companies who share our core principles, and we have exciting plans for the future, with an increasingly diverse range of services that will strengthen our position as an industry leader. “, said Khalid Abdulla Al Marzooqi. , CEO of Tabreed.
Tabreed provides essential and sustainable neighborhood cooling services to iconic developments such as Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, The Dubai Mall, Dubai Opera, Dubai Metro, Bahrain Financial Harbor and the Jabal Omar development in the holy city of Makkah.
The company owns and operates 86 factories in its portfolio across the GCC, including 75 in the United Arab Emirates, three in the Kingdom of Saudi Arabia, seven in Oman and one in the Kingdom of Bahrain, in addition to other international projects and operations.