Tabreed sold a 30 per cent stake in its Saudi subsidiary to PIF, immediately helping with visibility in a key growth market for district cooling. Image Credit: Ahmed Ramzan/Gulf News

Dubai: New homes and offices as well as an expanding resident base are clearly showing up in the district cooling company Tabreed's numbers, with profits up from Dh88 million to a quite weighty Dh236.4 million for the first three months of 2023.

Helping the process along was the 10 per cent rise in revenue to Dh464 million, which the company says was mainly due to new connections from the past 12 months and higher consumption volumes.

More customers and projects were signed up, with an additional 12,000 Refrigerated Tons (RT) in the UAE and Oman, increasing Tabreed’s total connected capacity to 1.27 million RT.

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In February, the Saudi operations of Tabreed scored a major win, with the Kingdom's Public Investment Fund (PIF) coming as a new shareholder with a 30 per cent stake, reflecting Tabreed's 'continual focus on high potential growth markets'.

For the remainder of the year, we will continue to focus on our sustainable and strategic growth plans, which will see Tabreed grow its regional and international reach in close alignment with governments and legislators; and deliver strong results that benefit our shareholders, employees, partners, and the communities in which we operate.

- Khaled Abdulla Al Qubaisi, Chairman of Tabreed