In the UAE, Tabreed continues to make steady progress in creating additional district cooling capacity. Image Credit: Ahmed Ramzan/ Gulf News

Dubai: UAE district cooling company Tabreed’s 2022 net profit is at Dh600.2 million, up 3 per cent year-on-year, as it made progress on growing its footprint beyond the UAE.

Tabreed has raised its 2022 dividend to 13.5 fils a share, ‘acknowledging growth of the business while retaining availability of capital for further expansion’, it said in a statement. Last year, it was 12 fils a share from a mix of a cash dividend of 6 fils a share and the issue of 1 additional bonus share for every 40 held. 

Group revenue increased 13 per cent to Dh2.22 billion against 2021's Dh1.95 billion.

And this week, there was also the deal by which the Saudi wealth fund bought 30 per cent into Saudi Tabreed, with district cooling services rated as having high investment potential.

Back-to-back deals in Egypt

In Egypt, cited as one of the key international markets for expansion, Tabreed in February struck a partnership with Gascool and Marakez for Real Estate Investment Company, to provide district cooling at the new D5M mall in New Katameya, east Cairo. And later in the year, there was an  agreement with Egyptians for Healthcare Services Company (EHCS), to build-own-and-operate a district energy plant in 'CapitalMed', a new healthcare city project by EHCS in Cairo.

And in Oman, Tabreed 'practically doubled' its capacity in Oman with the acquisition of a seventh district cooling plant, which services Al Mouj, the Sultanate’s new real estate development.