ABU DHABI, UAE – The National Central Cooling Company (Tabreed) released its consolidated financial results for the first six months of 2023, reporting a net profit of US$105 million (AED386.4 million), compared to US$65 million (AED240.4 million) during the same period in 2022.
In the first half of the year, Tabreed’s revenue increased by 9.4 percent YoY to US$290 million (AED1.067 billion), from US$265 million (AED975.7 million) in H1 2022.
New customers and projects were added during H1 2023, including the commissioning of a new plant in UAE and two new plants in Saudi Arabia with an addition of 33,483 Refrigeration Tons (RT) in the UAE, Bahrain, Oman and Saudi Arabia, increasing Tabreed’s total connected capacity to 1.30 million RT.
Tabreed’s international growth has continued into the second half of the year, with the acquisition of cooling infrastructure serving Intellion Park, a real estate development by TATA Realty in Gurugram, India, with the grant of a long-term concession.
Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India, securing a key partner and entry into a strategic market for Tabreed as it expands its international portfolio.
Tabreed continued its commitment to driving technical innovation and fostering collaboration in the UAE’s utilities sector in the first half of the year.
It resumed high-level partnership and sponsorship of the World Utilities Congress, hosted by TAQA at Abu Dhabi National Exhibition Center, and participating in the ADNOC Technology Forum, showcasing its pioneering research with geothermal energy.
Profit from operation increased by 5 percent to US$107 million (AED394.2 million), compared to US$105 million (AED376.6 million) in the same period last year.
Tabreed reported healthy EBITDA at US$160.6 million (AED 590.1 million), against US$160.4 million (AED589.3 million) in H1 2022.
Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said on Thursday, “The addition of new capacity across the GCC and the launch of our first cooling services in India is not only supplying our growing international customer base with efficient and reliable cooling but also having a significant impact on preventing carbon emissions.”
He said, “With COP28 now fast approaching, Tabreed’s focus on technological innovation and strategic partnerships is enabling us to meet the demands of the communities we serve, unlocking value for all stakeholders and supporting the energy transition through efficient and environmentally friendly cooling services.”