The UAE district cooling company Tabreed registered a net profit of AED 240.4 million ($65.45m), marking an increase of 3 percent compared to H1 2021.
Tabreed released its consolidated financial results till June 2022, showing its concession capacity in Oman doubled by acquiring district cooling plant that services Al Mouj.
Building on the expansion earlier in the year in the UAE, Bahrain and Oman, new connections were added in the emirates during the second quarter of 2022.
Group revenue increased by 12.3 percent to AED 975.7 million (H1 2021: AED 869.0 million).
EBITDA increased by 13.9 percent to AED 589.3 million (H1 2021: AED 517.6 million); Net profit attributable to the parent increased by 3.0 percent to AED 240.4 million (H1 2021: AED 233.5 million).
Total connected capacity reached 1,241,331 Refrigeration Tons (RT); 31,235 Refrigeration Tons (RT) of new customer connections added.
It also includes load additions of 12,435 RT in the UAE, 18,300 RT in Oman and in Bahrain were increased by RT 500 to reach RT 33980.