Tabreed's profit, revenue up on international expansion in 2022

Tabreed on Wednesday said its group revenue surged 13 per cent to Dh2.22 billion in 2022 as the UAE’s pioneering district cooling company accelerates international expansion.

In a statement, the Dubai Financial Market-listed company said it recorded Dh1.95 billion revenue in 2021. The district cooling company said its core chilled water revenue rose 14 per cent to Dh2.14 billion last year compared to Dh1.88 billion in 2021.

The UAE’s longest-established district cooling company reported an EBITDA of Dh1.23 billion – an increase of 19 per cent over 2021. It also reported a three per cent increase in net profit to Dh600.2 million last year compared to Dh585.2 million in 2021.

Tabreed’s board of directors recommended a dividend of 13.5 fils per share, to be paid fully in cash, acknowledging growth of the business while retaining availability of capital for further expansion.

“With each passing year, Tabreed fortifies its already iron-clad reputation as one of this country’s most resilient companies. Targeted, strategic, carefully planned growth continues to manifest meaningful results that benefit shareholders, employees, clients, and the districts and communities in which we operate,” Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said.

“As we take our globally renowned expertise into new markets, we further our positive impact by helping to negate climate change through optimum efficiencies. And we do this, always with sustainability as a cornerstone of our continuous success,” he said.

2022 a remarkable year

In 2022, Tabreed strengthened its robust network of assets, spearheading expansion into existing and all-new markets, while investing heavily in its existing UAE infrastructure. In January, Tabreed practically doubled its concession capacity in Oman with the acquisition of a seventh district cooling plant, which services Al Mouj, the Sultanate’s most prestigious new real estate development.

During 2022, Tabreed added 34,454 refrigeration tonnes (RT) of new connections in the UAE, 19,202 RT in Oman and 500 RT in Bahrain, increasing the company’s total connected capacity to 1,264,252 RT.

“During 2022, Tabreed’s objectives and intentions became crystal clear. Our medium- and long-term strategy is being rolled out, with the company entering additional territories and increasing awareness through close alignment with governments, legislators, and developers, who understand how vital our services are in the drive to net-zero,” Khalid Abdulla Al Marzooqi, Tabreed’s chief executive officer, said.

“This company is built on excellence and the pursuit of maximum efficiency, and these results prove that Tabreed’s reputation as the world’s leading district cooling company is entirely justified,” he said.

Tabreed plays a vital role in the region’s sustainability targets and, during 2022, the company was privileged to be part of the UAE’s delegation which represented the country at COP27, the global environmental summit held in Egypt. Such high-profile activities have helped Tabreed to position itself at the forefront of this nation’s sustainability agenda, gearing up for further involvement during 2023 and the UAE’s hosting of COP28.

— muzaffarrizvi@khaleejtimes.com

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