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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Tabreed H1 23 net profit $105m

During the first nine months of 2023, Tabreed delivered an additional 41,319 Refrigeration Tons (RT) across its portfolio. (Wikimedia)
  • In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
  • Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.

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.”