ABU DHABI, UAE, 15 November 2022: Tabreed on November 14 released its consolidated financial results for the first nine months of 2022, reporting an EBITDA of AED 912 million – an 18% increase over the same period, last year – and a net profit of AED 400 million, representing a three per cent increase.
Making the announcement through a Press release, Tabreed said that during the past three months, it made two significant announcements. On September 13, Tabreed said, it was confirmed that shareholders voted to harmonise with recent UAE changes to commercial law by increasing its Foreign Ownership Limit (FOL) to 100% – a strategically important move that increases flexibility and ensures the best possible share marketability.
The following day, on September 14, Tabreed signed an agreement with EHCS (Egyptians for Healthcare Services Company) to design, build and operate an expansive district energy plant to supply cooling and heating to CapitalMed, an all-new healthcare city project by EHCS, in Cairo. Tabreed said the CapitalMed project is the second major deal announcement it has made in Egypt since it entered this new market in February 2022.
Additionally, and consistent with Tabreed’s progress throughout 2022, the third quarter saw new connections added in the UAE, Oman and Bahrain, increasing the company’s total connected capacity to 1,258,201 Refrigeration Tons (RT), the company said.
According to Tabreed, the financial highlights in the nine months ended on September 30, 2022 are:
- Group revenue increased by 13% to AED 1.66 billion (Q3 2021: AED 1.46 billion)
- EBITDA increased by 18% to AED 912 million (Q3 2021: AED 776 million)
- Net profit attributable to the parent increased by three per cent to AED 400 million (Q3 2021: AED 388 million)
According to Tabreed, operational highlights in the nine months ended on September 30, 2022 are:
- Total connected capacity reached 1,258,201 RT
- 48,106 RT of new customer connections added, with load additions of 28,403 RT in the UAE and 19,203 RT in Oman. In Bahrain, the load increased by 500 RT
- Tabreed achieved a record 16,382,176 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015
Commenting on the company’s Q3 results, Khaled Abdulla Al Qubaisi, Chairman, Tabreed, said it had been a strong nine months for the company. “Throughout 2022, Tabreed has achieved important international growth, elevated public awareness, and accomplishment of long-term strategic goals,” Al Qubaisi said. “These third-quarter results show not only Tabreed’s resilience but also the wisdom of its organic and sustainable approach to growth – it is truly an exceptional UAE company.
“Tabreed continues to post record profits and has a consistently strong balance sheet, evidenced by Fitch’s updated rating outlook of “stable”, and affirmed at BBB. 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.”
Khalid Abdulla Al Marzooqi, CEO, Tabreed, added: “With these impressive third-quarter results, Tabreed continues to demonstrate its impeccable credentials as a business that is secure for its stakeholders, investors, employees and the environment. We are constantly seeking new collaboration opportunities with other progressive businesses that share our core principles, and we have exciting plans for the future, with an increasingly diverse array of services that will bolster our position as the industry leader.”