UAE’s Tabreed reports Dhs400m in nine-month net profit

UAE’s district cooling provider National Central Cooling Company (Tabreed) reported a net profit of Dhs400m for the first nine months of 2022, representing a 3 per cent increase.

The company’s EBITDA stood at Dhs912m, recording a 18 per cent increase over the same period last year. Meanwhile, its group revenues increased by 13 per cent to total Dhs1.66bn.

The company announced in September that it had increased its foreign ownership limit (FOL) to 100 per cent. It also signed an agreement with EHCS (Egyptians for Healthcare Services Company) the same month, to design, build and operate an expansive district energy plant to supply cooling and heating to CapitalMed in Cairo.

The third quarter also saw new connections added in the UAE, Oman and Bahrain, increasing the company’s total connected capacity to 1,258,201 Refrigeration Tons (RT), official news agency WAM reported. Tabreed achieved a record 16,382,176 hours worked without recording a single lost time incident.

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “Throughout 2022, Tabreed has achieved important international growth, elevated public awareness, and accomplishment of long-term strategic goals.

“Tabreed continues to post record profits and has a consistently strong balance sheet, evidenced by Fitch’s updated rating outlook of “stable” and affirmed at BBB. Building on this momentum, both regionally and internationally, we will continue to establish new client relationships, engage in long term alliances and expand our portfolio, further solidifying our already stellar reputation for operational excellence.”

In March, the company had announced a green financing framework, enabling it to issue green bonds and loans, with the resulting net proceeds to be used for financing ‘Eligible Green Projects.’

Read: UAE’s Tabreed launches green financing framework to fund projects