Tabreed’s Q3 2022 Financial Results Prove Company is on the
Road to Even Greater Success
Connected Capacity and profits increase, while Tabreed expands its international presence
Third quarter saw changes to Foreign Ownership Limits and major new deal signing in Egypt
Abu Dhabi, United Arab Emirates – 15 November 2022: Tabreed, the UAE’s leading district
cooling provider, yesterday 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 3% increase.
During the past three months, Tabreed made two significant announcements. On 13
September, 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 14 September, 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. This is the second major deal announcement in Egypt by Tabreed since the company
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).
Financial highlights – nine months ended 30 September 2022:
 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 3% to AED 400 million (Q3 2021: AED
388 million)
Operational highlights – nine months ended 30 September 2022:
 Total connected capacity reached 1,258,201 Refrigeration Tons (RT)
 48,106 Refrigeration Tons (RT) of new customer connections added, with load additions
of 28,403 RT in the UAE, 19,203 RT in Oman and in Bahrain were 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 2015Commenting on the company’s Q3 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman,
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. 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.”
He continued: “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, Tabreed’s Chief Executive Officer, 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.”
-ENDS-
About National Central Cooling Company PJSC (Tabreed)
Tabreed provides essential and sustainable district cooling services to iconic developments such
as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates
Towers, Yas Island, Al Maryah Island, The Dubai Mall, Dubai Opera, Dubai Metro, Bahrain
Financial Harbor and the Jabal Omar Development in the Holy City of Makkah. The company
owns and operates 86 plants in its portfolio across the GCC, including 75 in the United Arab
Emirates, three in the Kingdom of Saudi Arabia, seven in Oman and one in the Kingdom of
Bahrain, in addition to other international projects and operations.
Tabreed is a leading driver of progress for people, communities and environments around the
world towards a more sustainable future. Founded in 1998 and publicly listed on the Dubai
Financial Market, it is one of the UAE’s strongest growth companies. Through its extensive
regional and international operations, industry-leading reliability and efficiency, R&D
programmes and investment in AI technology, Tabreed further solidifies its position as theindustry's global leader. In addition to district cooling, Tabreed’s energy efficiency services
extend the company’s sustainability impact, helping businesses and organisations to improve
their overall energy consumption, in turn reducing CO emissions and assisting in the
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achievement of carbon neutrality objectives.

Sentiment: positive