Tabreed is making steady gains through its focus on opportunities outside of the UAE. Egypt remains a strategic market. Image Credit: Ahmed Ramzan/Gulf News

Dubai: The DFM-listed district cooling company Tabreed’s nine-month net profit hits Dh400 million, up 3 per cent year-on-year. Heading into 2023, the company expects to see gains from recent contract wins in the UAE and outside to deliver on more growth. Revenues during this period were at Dh1.65 billion. 

And for the medium-term, there is Egypt, where in September, the company signed a deal with EHCS to design, build and operative a substantial district energy plant for a new healthcare city – CapitalMed – in Cairo. (EHCS stands for Egyptians for Healthcare Services Co..)

This was the second major win for Tabreed since entering Egypt in February. Egypt has been rated a strategic priority for Tabreed alongside Saudi Arabia and India as it widens the base outside of the UAE.

“Tabreed continues to post record profits and a consistently strong balance-sheet, evidenced by Fitch’s updated rating outlook of ‘stable’ and affirmed at BBB,” said Khaled Abdulla Al Qubaisi, Tabreed’s Chairman. “Building on this momentum, both regionally and internationally, we will continue to establish new client relationships, engage in long term alliances and expand our portfolio, further solidifying our already stellar reputation for operational excellence.”

Tabreed is one of the few UAE listed companies to allow foreign ownership of up to 100 per cent – 'a strategically important move that increases flexibility and ensures the best possible share marketability'.