Tabreed reports net profit of AED386.4 million for H1 2023

ABU DHABI, 28th July, 2023 (WAM) -- The National Central Cooling Company (Tabreed) on Thursday released its consolidated financial results for the first six months of 2023, reporting a net profit of AED386.4 million, compared to AED240.4 million during the same period in 2022.

In the first half of the year, Tabreed's revenue increased by 9.4% YoY to AED1.067 billion, from AED975.7 million in H1 2022.

Further new customers and projects were added during H1 2023, including the commissioning of 1 new plant in UAE and 2 new plants in KSA, with an addition of 33,483 Refrigeration Tons (RT) in the UAE, Bahrain, Oman and Saudi Arabia, increasing Tabreed's total connected capacity to 1.30 million RT.

Tabreed's international growth has continued into the second half of the year, with the acquisition of cooling infrastructure serving Intellion Park, a real estate development by TATA Realty in Gurugram, India, with the grant of a long-term concession.

Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India, securing a key partner and entry into a strategic market for Tabreed as it expands its international portfolio.

Tabreed continued its commitment to driving technical innovation and fostering collaboration in the UAE's utilities sector in the first half of the year, resuming its high-level partnership and sponsorship of the World Utilities Congress, hosted by TAQA at Abu Dhabi National Exhibition Centre, and participating in the ADNOC Technology Forum, showcasing its pioneering research with geothermal energy.

During the six-month period, Group revenue increased by 9.4% to AED1.067 billion, compared to AED 975.7 million in H1 2022. Profit from operation increased by 5% to AED394.2 million, compared to AED376.6 million in the same period last year.

Tabreed reported healthy EBITDA at AED 590.1 million, against AED589.3 million in H1 2022.

Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed's Chairman, said, "The addition of new capacity across the GCC and the launch of our first cooling services in India is not only supplying our growing international customer base with efficient and reliable cooling but also having a significant impact on preventing carbon emissions.

"With COP28 now fast approaching, Tabreed's focus on technological innovation and strategic partnerships is enabling us to meet the demands of the communities we serve, unlocking value for all stakeholders and supporting the energy transition through efficient and environmentally friendly cooling services."