UAE’s Tabreed reports Dhs236.4m in net profit during Q1 2023

Tabreed, the UAE-headquartered international district cooling developer, has released its consolidated financial results for the first quarter of 2023, reporting a net profit of Dhs236.4m, compared to Dhs88m during the same period in 2022.

In the three months ended on March 31, 2023, Tabreed’s revenue increased by 10 per cent YoY to Dhs464m from Dhs420m in Q1 2022. This was mainly driven by increased new connections during the past 12 months and higher consumption volumes.

Further new customers and projects were added during the first quarter, with 12,000 Refrigerated Tonnes (RT) across the UAE and Oman, increasing Tabreed’s total connected capacity to 1.276 million RT.

Additionally, in February, Saudi Tabreed entered a partnership with the Saudi Public Investment Fund (PIF) as a new shareholder with a 30 per cent stake, reflecting the group’s continual focus on high-potential growth markets.

Read: Public Investment Fund acquires 30% stake in Saudi Tabreed

The company’s profit from operation increased by 12 per cent to Dhs172m compared to Dhs154m in Q1 2022.

EBITDA increased by 1.5 per cent to Dhs268m compared to Dhs264m during the same period last year.

Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “For the remainder of the year, we will continue to focus on our sustainable and strategic growth plans, which will see Tabreed grow its regional and international reach in close alignment with governments and legislators and deliver strong results that benefit our shareholders, employees, partners and the communities in which we operate.

“And as the UAE prepares to host COP28 later this year, we are proud that our focus on innovation and efficiency is reducing carbon dioxide emissions and supporting the development of sustainable cities across the region.”