The National Central Cooling Company (Tabreed), a leading UAE-based district cooling developer, has reported a net profit of AED88.2 million ($24 million) for the first quarter, up 3.1% over the same period last year. The company's revenue surged by 17% to hit AED419.9 million ($114.3 million).
Announcing its consolidated financial results for the first three months ended March 31, 2022, Tabreed said the revenue for the first three months increased by 17% to AED 419.9 million, while its core chilled water revenue increased by 20% to AED405.7 million.
Its ebitda increased by 16% to AED263.6 million and profit from operation rose 14% to hit AED153.7 million.
With a promising start to the year, Tabreed practically doubled the size of its concession capacity in Oman with the acquisition of the district cooling plant that services Al Mouj, the Sultanate’s most prestigious new real estate development.
The Emirati group’s portfolio in Oman now includes seven plants and Al Mouj represents the company’s biggest project there, evidence of its desire to drive further investment in this important territory.
A further nine new connections were added in the UAE and Bahrain during the quarter, increasing Tabreed’s total connected capacity to 1,236,433 Refrigeration Tons (RT), it added.
Commenting on the results, Chairman Khaled Abdulla Al Qubaisi said: "This is a truly exceptional UAE company and these first quarter results demonstrate, not only Tabreed’s robustness, but the wisdom of its organic and sustainable approach to growth."
Rounding off the first quarter of 2022 with a clear indication of its environmental goals, in March Tabreed publicly announced a new Green Financing Framework that will benefit its investors, stakeholders, developers and communities alike, by aligning operations with the sustainability and ‘Net Zero’ targets of each country Tabreed is present within, he added.
During February, Tabreed had announced its entry into the Egyptian market, partnering with The Egyptian Company for Energy and Cooling projects (Gascool) and Marakez for Real Estate Investment Company, to provide district cooling services to the new D5M mall in New Katameya, east Cairo.