Friday, May 12, 2023 – 1:35 PM
ABU DHABI, 12th May / WAM / The National Central Cooling Company “Tabreed” recorded a net profit of 236.4 million dirhams, compared to the same period last year 2022, which witnessed a net profit of 88 million dirhams, according to the consolidated financial results for the first quarter of this year.
Tabreed’s revenues for the three months ended March 31, 2023 increased by 10% year-on-year, to reach AED 464 million, compared to revenues for the first quarter of 2022, which amounted to AED 420 million.
This increase is mainly due to the growth in the number of customer connections during the past 12 months and an increase in the volume of consumption, as more new customers and projects were added during the first quarter by 12 thousand refrigeration tons in the United Arab Emirates and the Sultanate of Oman, which contributed to the increase The total capacity of the company is 1.276 million refrigeration tons.
February of this year also saw the entry of the Public Investment Fund of Saudi Arabia as a partner in Saudi Tabreed with a 30% stake, reflecting the continued focus on high-growth markets.
Khaled Abdullah Al Qubaisi, Chairman of Tabreed, said: “As we celebrate our 25th anniversary of operations, Tabreed has succeeded in closing the first quarter of this year with a strong performance, and achieved significant operational achievements that will contribute to enabling the company’s success throughout the current year. We will continue to focus on sustainable and strategic growth, which will see Tabreed enter new markets in strong coordination with governments and regulators and ensure strong results that benefit our shareholders, employees, customers and the communities in which we operate.”
He added, “As the UAE prepares to host COP28 later this year, we are proud of our continued focus on innovation and efficiency in reducing carbon emissions, and supporting the development of sustainable cities across the region.”
Dina Omar / Ahmed Al Nuaimi