Dubai PR Network, Online Press Release from Dubai and Middle East
Business, Banking and Investments(Banking & Investments)
Filter PR by

Tabreed's Q3 2022 Financial Results Prove Company is on the Road to Even Greater Success


Connected Capacity and profits increase, while Tabreed expands its international presence
Third quarter saw changes to Foreign Ownership Limits and major new deal signing in Egypt
Abu Dhabi, United Arab Emirates 15 November 2022: Tabreed, the UAE’s leading district cooling provider, yesterday released its consolidated financial results for the first nine months of 2022, reporting an EBITDA of AED 912 million – an 18% increase over the same period last year – and a net profit of AED 400 million, representing a 3% increase.
During the past three months, Tabreed made two significant announcements. On 13 September, it was confirmed that shareholders voted to harmonise with recent UAE changes to commercial law by increasing its Foreign Ownership Limit (FOL) to 100% – a strategically important move that increases flexibility and ensures the best possible share marketability.
The following day, on 14 September, Tabreed signed an agreement with EHCS (Egyptians for Healthcare Services Company), to design, build and operate an expansive district energy plant to supply cooling and heating to CapitalMed, an all-new healthcare city project by EHCS in Cairo. This is the second major deal announcement in Egypt by Tabreed since the company entered this new market in February 2022. 
Additionally, and consistent with Tabreed’s progress throughout 2022, the third quarter saw new connections added in the UAE, Oman and Bahrain, increasing the company’s total connected capacity to 1,258,201 Refrigeration Tons (RT).
Financial highlights – nine months ended 30 September 2022:  
• Group revenue increased by 13% to AED 1.66 billion (Q3 2021: AED 1.46 billion)
• EBITDA increased by 18% to AED 912 million (Q3 2021: AED 776 million)
• Net profit attributable to the parent increased by 3% to AED 400 million (Q3 2021: AED 388 million)
Operational highlights – nine months ended 30 September 2022:         
• Total connected capacity reached 1,258,201 Refrigeration Tons (RT)
• 48,106 Refrigeration Tons (RT) of new customer connections added, with load additions of 28,403 RT in the UAE, 19,203 RT in Oman and in Bahrain were increased by 500 RT 
• Tabreed achieved a record 16,382,176 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015
Commenting on the company’s Q3 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said it had been a strong nine months for the company. “Throughout 2022, Tabreed has achieved important international growth, elevated public awareness, and accomplishment of long-term strategic goals. These third quarter results show not only Tabreed’s resilience but also the wisdom of its organic and sustainable approach to growth – it is truly an exceptional UAE company.”
He continued: “Tabreed continues to post record profits and has a consistently strong balance sheet, evidenced by Fitch’s updated rating outlook of “stable” and affirmed at BBB. Building on this momentum, both regionally and internationally, we will continue to establish new client relationships, engage in long term alliances and expand our portfolio, further solidifying our already stellar reputation for operational excellence.”
Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “With these impressive third quarter results, Tabreed continues to demonstrate its impeccable credentials as a business that is secure for its stakeholders, investors, employees, and the environment. We are constantly seeking new collaboration opportunities with other progressive businesses that share our core principles, and we have exciting plans for the future, with an increasingly diverse array of services that will bolster our position as the industry leader.”
Posted by : Editorial Team
Viewed 12616 times
PR Category : Banking & Investments
Posted on : Tuesday, November 15, 2022  11:29:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Zoho Finance Platform Achieves 70% Year-over-year Growth in ...
Next Story : Amlak Finance Announces Third Quarter 2022 Financial Results
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Watches & Wonders 2024 Unico: Hublot's Manufacture Calibre [30738-Views]
Bremont introduces a new generation of its Supermarine diving watch series [26084-Views]
Formula E to Use Latest Sustainable Tech to Power its Events Worldwide [25330-Views]
Enjoy free entry and family-friendly activities this Eid at Emirates Park Zoo and Resort o... [9582-Views]
Danube Group opens new majestic mosque in Dubai Studio City [8204-Views]
Exclusive Preview Oris Introduces The New Aquis [8028-Views]
Union Coop Allocates 3 Promotions for ‘Eid Al-Fitr' [7991-Views]
Win an all-inclusive 3-day trip to the Maldives and enjoy spectacular entertainment this E... [7913-Views]
Abdullah bin Zayed chairs ADFD's Executive Committee meeting [7913-Views]
HE Al Owais: Enhanced Health Sector Efficiency Boosts UAE's Leading Position in Global Hea... [7638-Views]
Arabian Center partners with Rawafed Centre & UAE Red Crescent to spread joy this Eid Al F... [7610-Views]
Roger Dubuis At Watches & Wonders The Tourbillon in all its Forms [7462-Views]
Mitch Evans Looks For Another Italian Triumph As Formula E Descends On Rimini Debut - Wher... [7351-Views]
Biometrics Holds The Key To Smarter Digital Travel [7089-Views]
Tag Heuer Monaco Split-Seconds Chronograph [6724-Views]
Challenge Technic Embarks on Strategic Expansion in 2024: New Aircraft, Enhanced Stations,... [6683-Views]
Fia Member Clubs & Sport Federations Of America Express Full Support To Fia President Moha... [6671-Views]
Mohammed Bin Rashid Library Unveils Diverse Line-Up of Activities and Workshops in April [6404-Views]
Ayuso takes Itzulia title after tactical show from UAE Team Emirates [6183-Views]
Norwich City, Newcastle United and Melbourne City triumph in 2024 Mina Cup [5994-Views]
ECS Group And CMA CGM AIR CARGO: A New Chapter In Air Transport [5842-Views]
Politt rounds off cobbles campaign with top-5 in Paris-Roubaix [5777-Views]
Bring in Eid with Joie de Vivre, Discover Luxurious Celebratory Offers at Sofitel Dubai D... [5551-Views]
Eid Al Fitr Celebrations – Experiences not to miss during this Eid in Sharjah [5535-Views]
Exciting Eid Raffles And Competitions Across Dubai With Big Prizes [5363-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories