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purebredThe UAE-based international district cooling developer has released its consolidated financial results for the first quarter of 2023, reporting a net profit of AED 236.4 million, compared to AED 88 million for the same period in 2022.
For the three months ended March 31, 2023, Tabreed’s revenue rose 10% year-on-year to AED464 million from AED420 million in the first quarter of 2022. This is primarily due to an increase in new connections and higher consumption over the past 12 months.
More new customers and projects were added in the first quarter, with 12,000 RT in the UAE and Oman, bringing Tabreed’s total connected capacity to 1.276 million RT.
Additionally, in February, Saudi Tabreed entered into a partnership with the Saudi Public Investment Fund (PIF), becoming a new shareholder with a 30% stake, reflecting the group’s continued focus on high-potential growth markets.
read: Public Investment Fund acquires 30% stake in Saudi Tabreed
The company’s operating profit rose 12% to AED172 million compared to AED154 million in the first quarter of 2022.
EBITDA increased by 1.5% to AED 268 million compared to AED 264 million in the same period last year.
Commenting on the results, Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “During the remainder of the year, we will continue to focus on our sustainable and strategic growth plans, which will allow Tabreed to expand its regional and international lawmakers and achieve strong results that benefit our shareholders, employees, partners and the communities in which we operate.
“As the UAE prepares to host COP28 later this year, we are proud that our focus on innovation and efficiency is reducing CO2 emissions and supporting the development of sustainable cities in the region.”
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