ABU DHABI, UAE, 15 February 2023: Tabreed released its consolidated financial results for the year 2022, reporting an EBITDA of AED 1.23 billion – a 19% increase over 2021 and a net profit of AED 600.2 million, representing an increase of three per cent.
Making the announcement through a Press release, Tabreed said the company’s Board of Directors have recommended a dividend of 13.5 fils per share, to be paid fully in cash – an increase over last year, acknowledging growth of the business while retaining availability of capital for further expansion.
Tabreed said 2022 was an exceptional year for the company. It added that it spent the year building on its network of assets, spearheading expansion into existing and all-new markets, while investing heavily in its existing UAE infrastructure. In January 2022, Tabreed said, it practically doubled its concession capacity in Oman with the acquisition of a seventh District Cooling plant, which services Al Mouj, the Sultanate’s most prestigious new real estate development.
This was swiftly followed, in February 2022, by the announcement of its partnership with Gascool and Marakez for Real Estate Investment Company, to provide District Cooling services to the new D5M Mall in New Katameya, in eastern Cairo, Tabreed said. Just seven months later, Tabreed said, it signed an agreement with Egyptians for Healthcare Services Company (EHCS), to build, own and operate on a long-term basis, an expansive District Energy plant to supply cooling and heating to CapitalMed, an all-new healthcare city project by EHCS in Cairo.
In May 2022, Tabreed sponsored and exhibited at the inaugural World Utilities Congress in Abu Dhabi’s National Exhibition Centre (ADNEC). And in June 2022, Tabreed received valuable recognition on the international stage, being presented with the Silver Award for the Number of Buildings Committed in 2021 Beyond North America, by the International District Energy Association (IDEA), with respect to the connection of 56 new buildings to its networks.
Tabreed said it plays a vital role in the region’s sustainability targets. It said that in 2022, it was privileged to be part of the UAE’s delegation which represented the country at COP27, the global environmental summit, held in Egypt. Such high-profile activities have helped Tabreed to position itself at the forefront of this nation’s sustainability agenda, gearing up for further involvement during 2023 and the UAE’s hosting of COP28, it added.
According to Tabreed, 2022 also began and ended with two senior appointments to Tabreed’s Executive Management Team. In January, Antonio Di Cecca was named Chief Operating Officer (replacing Jean-François Chartrain); and, in November, the all-new position of Chief Asset Management Officer was announced, with Dr Yousif Al Hammadi assuming the role, the company said.
During 2022, Tabreed added 34,454 Refrigeration Tons (RT) of new connections in the UAE, 19,202 RT in Oman and 500 RT in Bahrain, increasing the company’s total connected capacity to 1,264,252 RT. According to Tabreed, the financial highlights in the 12 months ended 31 December 2022 are…
- Group revenue increased by 13% to AED 2.22 billion (2021: AED 1.95 billion)
- Core chilled water revenue increased by 14% to AED 2.14 billion (2021: AED 1.88 billion)
- EBITDA increased by 19% to AED 1.23 billion (2021: AED 1.03 billion)
- Net profit attributable to the parent increased by three per cent to AED 600.2 million
(2021: AED 585.2 million)
According to Tabreed, operational highlights in the 12 months ended 31 December 2022 are…
- Total connected capacity increased to 1,264,252 Refrigeration Tons (RT)
- 54,156 RT of new customer connections added
- The company achieved a record 17,039,729 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015
According to Tabreed, environmental impact highlights in the 12 months ended 31 December
- The company saved 2.31 billion kilowatt hours across the GCC region – enough to power
approximately 132,000 homes every year
- It prevented the release of 1.38 million metric tons of CO 2 into the atmosphere, which is
equivalent to the removal of approximately 300,000 vehicles from the roads, annually
Khaled Abdulla Al Qubaisi, Chairman, Tabreed, said of the results: “With each passing year, Tabreed fortifies its already iron-clad reputation as one of this country’s most resilient companies. Targeted, strategic, carefully planned growth continues to manifest meaningful results that benefit shareholders, employees, clients, and the districts and communities in which we operate. As we take our globally renowned expertise into new markets, we further our positive impact by helping to negate climate change through optimum efficiencies. And we do this, always with sustainability as a cornerstone of our continuous success.”
Khalid Abdulla Al Marzooqi, CEO, Tabreed, said: “During 2022, Tabreed’s objectives and intentions became crystal clear. Our medium- and long-term strategy is being rolled out, with the company entering additional territories and increasing awareness through close alignment with governments, legislators and developers, who understand how vital our services are in the drive to net-zero. This company is built on excellence and the pursuit of maximum efficiency, and these results prove that Tabreed’s reputation as the world’s leading District Cooling company is entirely justified.”