Tabreed’s net income slightly slips in 2Q 2023
A slight dip for Tabreed in 2Q: The UAE’s National Central Cooling Company (Tabreed) reported a 1% y-o-y drop in net income in 2Q 2023 to AED 159.4 mn, its financial statements (pdf) for the quarter showed on Friday. Its revenues were up by 8.6% y-o-y during the three months ending in June, recording AED 604 mn.
A solid first half: Tabreed reported a 60.7% y-o-y rise in net income in the first half of the year to AED 386.4 mn on the back of new customers and projects, its earnings release (pdf) showed. Its revenues were up 9.4% y-o-y in 1H 2023 to a little over AED 1 bn, it added.
Driving the success: Tabreed said new customers and projects were added during the first six months of the year, including the commissioning of a new plant in UAE and two new plants in Saudi Arabia. It also delivered 33.4k refrigeration tons in the UAE, Bahrain, Oman, and Saudi Arabia, raising its total connected capacity to 1.3 mn RT.
And one sealed int’l expansion: The first half of the year also saw Tabreed expand its international footprint by making a grand entry in India under a partnership in May with Tata Realty and Infrastructure Limited. It began operating the cooling infrastructure earlier this month, it said, commencing its first operations in the country.
What they said: “Following last year’s strong performance, Tabreed is delighted to report further growth in revenue and [net income] year-on-year for the first half of 2023. The addition of new capacity across the GCC and the launch of our first cooling services in India is not only supplying our growing international customer base with efficient and reliable cooling, but also having a significant impact on preventing carbon emissions,” Tabreed Chairman Khaled Abdulla Al Qubaisi said.