UAE-based National Central Cooling Company (Tabreed) has reported 13% growth in its group revenue for the nine-month period, hitting AED1.66 billion ($452 million) over AED1.46 billion ($397.4 million) last year, while its net profit attributable to the parent increased 3% to AED400 million ($109 million).
Announcing its consolidated financial results for January to September period, Tabreed said its ebitda surged to AED912 million, posting an 18% growth over last year.
During the nine-month period ended September 30, Abu Dhabi utility's total connected capacity reached 1,258,201 Refrigeration Tons (RT) boosted by the addition of 48,106 RT of new customer connections, with load additions of 28,403 RT in the UAE, 19,203 RT in Oman and 500 RT in Bahrain.
The company also achieved a major safety milestone clocking 16,382,176 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015
On its key achievements for the three-month period, Tabreed said it made two significant announcements. On September 13, its 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, 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, it added.
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), stated the company.
Commenting on the results, Chairman Khaled Abdulla Al Qubaisi 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."
"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," he added.
CEO Khalid Abdulla Al Marzooqi said: "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," he added.-TradeArabia News Service