ABU DHABI, UAE – Tabreed reported its financial results for the nine-month period ending September 30 2023. During January-September 2023, Tabreed posted a robust revenue of US$490 million (AED 1.8 billion), a 10 percent increase year-on-year, compared to US$460 million (AED 1.7 billion) in the same period last year.
Attributed to this success is the steady growth Tabreed achieved in its consumption volumes (9 percent year-on-year) driven by new connections and higher demand from existing customers.
During the first nine months of 2023, Tabreed delivered an additional 41,319 Refrigeration Tons (RT) across its portfolio, having commissioned the all-new SeaWorld Abu Dhabi plant in the UAE, two new plants in the Kingdom of Saudi Arabia, and completed an acquisition of a plant from Tata Realty in India.
This brought Tabreed’s tally to 89 plants and a total connected capacity to more than 1.3 million RT.
Reflecting its commitment to driving efficiencies across its operations, Tabreed’s Gross Profit increased by 3 percent year-on-year in the nine-month period to US$218 million (AED 804 million), from US$212 million (AED 781 million) in 9M 2022, while EBITDA reached US$241 million (AED 914 million) (AED 912 million in 9M 2022) with healthy EBITDA margin of 50 percent.
This is further mirrored in efficient working capital management marked by a 11 percent year-on-year increase in Net Cash from Operating Activities (AED 959 million in 9M 2023 versus AED 866 million in 9M 2022).
Tabreed’s financial performance for the nine months ended September 30 2023 was marked by strong growth in revenue, EBITDA, and profit from operations.
Revenue increased by 10 percent to US$490 million, EBITDA increased to US$248 million and profit from operations increased by 3 percent to US$166 million.
Operationally, Tabreed’s total connected capacity exceeded 1.30 million RT.
The company added 41,319 RT of new customer connections, with load additions of 24,165 RT in the UAE, 14,163 RT in KSA, 1,085 RT in Bahrain, 1,000 RT in India, and 906 RT in Oman.
Tabreed also achieved a record 19.2 million hours worked without a single lost time incident (LTI), the most recent LTI occurring in July 2015.
Commenting on the results, Khaled Al Qubaisi, Tabreed’s Chairman, said, “I am delighted to report further top-line growth over the period driven by organic customer growth and market expansion.”
He said, “Tabreed continued to capitalize on its regional presence, growing rapidly and strategically across its core markets, domestically in the UAE and regionally across GCC and Asia, further cementing our position as the district cooling partner of choice.”