A solid 1Q for Tabreed: The UAE’s National Central Cooling Company (Tabreed) reported a 169% y-o-y rise in net income in 1Q 2023 to AED 236.4 mn, on the back of gaining new customers and projects, its earnings release (pdf) showed. Its revenues were up by 10% y-o-y during the first three months of the year to AED 464 mn.

The main drivers behind the success: The robust results during the first quarter of the year were “mainly driven by increases in new connections during the past 12 months and higher consumption volumes,” the release said. The first quarter saw new customers and projects, with an addition of 12k refrigerated tons (RT) across the UAE and Oman. This brings the company’s overall connected capacity to 1.276 mn RT. Additionally, KSA’s sovereign wealth fund PIF closed in February the acquisition of a 30% stake in Saudi Tabreed under the group’s continued focus on high potential growth markets, it added. Saudi Tabreed is the Saudi arm of DFM-listed Tabreed.

What they said: “For the remainder of the year, we will continue to focus on our sustainable and strategic growth plans which will see Tabreed grow its regional and international reach in close alignment with governments and legislators, and deliver strong results that benefit our shareholders, employees, partners, and the communities in which we operate,” Tabreed’s Chairman Khaled Abdulla Al Qubaisi said.

ALSO- The company plans to launch five new district cooling plants in UAE: The UAE’s National Central Cooling Company (Tabreed) plans to build five new district cooling facilities in Dubai and the Saadiyat, Yas, and Al Reem Islands in Abu Dhabi as it looks to slash carbon emissions generated by the country’s refrigeration sector, Wam reported last week, citing an interview with Tabreed CEO Khalid Al Marzooqi on the sidelines of the World Utilities Congress. The company also plans to expand its operations in Bahrain, Saudi Arabia, and Oman, Al Marzooqi told the news agency, without disclosing the number of plants it plans to build outside the UAE or providing a timeline for the projects. (watch, runtime: 01:59)