Tabreed, the UAE headquartered and leading international district cooling developer, yesterday released its consolidated financial results for the first quarter of 2022, reporting a net profit of AED 88.2 million – an increase of 3.1 percent compared to its Q1 2021 performance.
With a promising start to the year, 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. Tabreed’s portfolio in Oman now 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. 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).
During February, Tabreed 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.
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.
According to its Q1 2022 figures compared to Q1 of last year, Tabreed’s revenue increased by 17 percent to AED 419.9 million; core chilled water revenue increased by 20 percent to AED 405.7 million, EBITDA increased by 16 percent to AED 263.6 million, while Profit from Operation increased by 14 percent to AED 153.7 million.
Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said, “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.”
Source: Emirates News Agency