Tabreed's first-half profit up 3% on expansion in Gulf region

Tabreed on Wednesday said its first-half net profit rose three per cent to Dh240.4 million as the company expands its operations in the UAE, Bahrain and Oman.

In a statement, the UAE district cooling company said it doubled the size of its concession capacity in Oman with the acquisition of the district cooling plant that services Al Mouj. It has now seven plants in the Sultanate.

Building on the expansion earlier in the year in the UAE, Bahrain and Oman, new connections were added in the emirates during the second quarter of 2022, increasing Tabreed’s total connected capacity to 1,241,331 Refrigeration Tons (RT).

Tabreed said its group revenue increased by 12.3 per cent to Dh975.7 million during the January-June period this year compared to Dh869 million in the same period last year. It said EBITDA increased by 13.9 per cent to Dh589.3 million in first half as against Dh517.6 million in the corresponding period while net profit attributable to the parent increased by three per cent to Dh240.4 million from Dh233.5 million in the same period last year.

While highlighting operational highlights of the six months ended June 30, 2022, the company said its total connected capacity reached 1,241,331 Refrigeration Tons (RT); 31,235 Refrigeration Tons (RT) of new customer connections added, with load additions of 12,435 RT in the UAE, 18,300 RT in Oman and in Bahrain were increased by RT 500 to reach RT 33980.

“It’s another remarkable result for Tabreed but not at all surprising, as the carefully considered and planned trajectory for this incredible pillar of UAE industry is coming together precisely as we envisaged," Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said.

He said it has been a remarkable six months of geographical expansion, increased public awareness and making good on long-term objectives.

“We are now seeing the benefits and reaping the rewards of Tabreed’s portfolio expansion during 2021, particularly with our 100 per cent acquisition of the hugely important plant exclusively servicing Al Maryah Island in Abu Dhabi," Khalid Abdulla Al Marzooqi, Tabreed’s chief executive officer, said.

He said the first half of 2022 is an accurate indication of where this remarkable company is heading and, in the near future, we will see other long-term strategic plans and investments come to fruition.

"Tabreed is the UAE’s original district cooling company and its expertise is simply unrivalled anywhere in the world. We play a very positive role in this country’s drive for sustainability and that’s the best possible news for our investors, our people and our ever-expanding client base,” he said.

— muzaffarrizvi@khaleejtimes.com