Tabreed reports 2022 net profit of Dhs600.2 million

Tabreed, the UAE’s longest-established district cooling company, released its consolidated financial results for the year 2022, reporting an Ebitda of Dhs1.23 billion – a 19 per cent increase over 2021 and a net profit of Dhs600.2 million, representing an increase of 3 per cent.

Additionally, Tabreed’s Board of Directors announces it is recommending 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.

It was an exceptional year for Tabreed, as the company spent 2022 building on its already robust network of assets, spearheading expansion into existing and all-new markets, while investing heavily in its existing UAE infrastructure. In January, Tabreed 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, by the announcement of Tabreed’s partnership with Gascool and Marakez for Real Estate Investment Company, to provide district cooling services to the new D5M mall in New Katameya, east Cairo. Just seven months later, Tabreed 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, Tabreed sponsored and exhibited at the inaugural World Utilities Congress in Abu Dhabi’s National Exhibition Centre (ADNEC). And in June, 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 plays a vital role in the region’s sustainability targets and, during 2022, the company 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.