ABU DHABI, 12th May, 2023 (WAM) -- Tabreed, the UAE-headquartered international district cooling developer, today released its consolidated financial results for the first quarter of 2023, reporting a net profit of AED236.4 million, compared to AED88 million during the same period in 2022.

In the three months ended on 31st March 2023, Tabreed’s revenue increased by 10% YoY to AED464 million from AED420 million in Q1 2022. This was mainly driven by increased new connections during the past 12 months and higher consumption volumes.

Further new customers and projects were added during the first quarter, with 12,000 Refrigerated Tons (RT) across the UAE and Oman, increasing Tabreed’s total connected capacity to 1.276 million RT. Additionally, in February, Saudi Tabreed entered a partnership with the Saudi Public Investment Fund (PIF) as a new shareholder with a 30% stake, reflecting the Group’s continual focus on high-potential growth markets.

The company's profit from operation increased by 12% to AED172 million compared to AED154 million in Q1 2022. EBITDA increased by 1.5% to AED268 million compared to AED264 million during the same period last year.

Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said, “For the remainder of the year, we will continue to focus on our sustainable and strategic growth plans, which will see Tabreed grow its regional and international reach in close alignment with governments and legislators and deliver strong results that benefit our shareholders, employees, partners and the communities in which we operate.

“And as the UAE prepares to host COP28 later this year, we are proud that our focus on innovation and efficiency is reducing carbon dioxide emissions and supporting the development of sustainable cities across the region.”