Tabreed Announces Q1 2023 Results, Showing Net Profit of USD 64.37 Million
Tabreed, the UAE headquartered leading international district cooling developer, today released its consolidated financial results for the first quarter of 2023, reporting a net profit of $64.37 million, compared to $24 million during the same period in 2022.
In the three months ended on March 31, 2023, Tabreed’s revenue increased by 10% YoY to $126 million, from $114 million in Q1 2022. This was mainly driven by increases in new connections during the past 12 months and higher consumption volumes.
Further new customers and projects were added during the first quarter, with an addition of 12,000 Refrigerated Tonnnes (RT) across the UAE and Oman, increasing Tabreed’s total connected capacity to 1.276 million RT.
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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.
Financial highlights – three months ended March 31, 2023
Group revenue increased by 10% to $126 million (Q1 2022: $114 million)
Profit from Operation increased by 12% to $47 million (Q1 2022: $42 million)
EBITDA increased by 1.5% to $73 million (Q1 2022: $72 million)
Net profit attributable to the parent is $64 million (Q1 2022: $24 million)
Operational highlights – three months ended 31 March 2023
Total connected capacity reached 1.276 million Refrigeration Tonnes (RT)
12,000 Refrigeration Tonnes (RT) of new customer connections added, with load additions of 11,000 RT in the UAE and 1,000 RT in Oman
Tabreed achieved a record 17.7 million hours worked without a single lost time incident (LTI), the most recent occurring in July 2015
Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “As we mark our 25th year of operation, Tabreed has closed a solid first quarter, backed by robust financial performance and the achievement of operational milestones that have set the company up for a successful 2023.
“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 are our focus on innovation and efficiency is reducing carbon dioxide emissions and supporting the development of sustainable cities across the region.”
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