Dubai: The UAE district cooling company Tabreed recorded a marginal 3 per cent increase in H1-2022 net profit to Dh240.4 million, helped by capacity gains in Oman and in its home markets. The company, which had revenues of Dh975.7 million, also marked another point in its regional expansion with an entry into Egypt.
Tabreed ‘practically doubled’ the size of its concession capacity in Oman with the buy of a district cooling plant that services Al Mouj, the Sultanate’s new upscale master development. Tabreed’s portfolio in Oman includes seven plants and ‘Al Mouj represents the company’s biggest project there, evidence of its desire to drive further investment in this important territory’.
It has been a remarkable six months of geographical expansion, increased public awareness and making good on long-term objectives
2021 expansions deliver
The boost to numbers stems from the heavy capex and capacity expansion Tabreed went through in 2021, notably the full acquisition of the district cooling plant serving Abu Dhabi’s Al Maryah Island. “The first-half of 2022 is an accurate indication of where this company is heading and, in the near future, we will see other long-term strategic plans and investments come to fruition,” said Khalid Abdulla Al Marzooqi, Tabreed’s CEO. “Tabreed is the UAE’s original district cooling company.”
- Tabreed's capacity numbers add up to a good deal:
- • Total connected capacity reached 1.24 billion Refrigeration Tons (RT);
- • 31,235 RT of new customer connections added in H1-2022, with load additions of 12,435 RT in the UAE, 18,300 RT in Oman, and in Bahrain was increased by 500 RT to 3,3980 RT; and
- • Tabreed achieved a 'record' 15,784,821 hours worked without a single 'lost time incident', and the most recent occurring back in July 2015.
