The company said in a statement posted on the Dubai Financial Market website that net profit increased by around 170% to 236.4 million dirhams ($64.4 million) in the three months ended. ending March 31, 2023, compared to 88.2 million dirhams recorded during the same period of 2022.
Tabreed’s revenues increased in the first quarter of 2023, by 10% year-on-year, to reach 464 million dirhams, compared to revenues for the same quarter of 2022, which amounted to 420 million dirhams.
The company said the reason for the increase is mainly due to the growth in the number of customer connections over the past 12 months and an increase in consumption volume as more new customers and projects were added in the first quarter of 12,000 tons of refrigeration in the Emirates and the Sultanate of Oman, which contributed to the increase The company’s total capacity to 1.276 million tons of cooling.
On the other hand, last February saw the entry of the Public Investment Fund in Saudi Arabia as a partner of Saudi Tabreed, with a 30% stake.
Here are the main financial indicators for the first quarter of 2023:
Tabreed Group revenue increased by 10% to AED 464 million compared to Q1 2022 revenue. Operating profit increased by 12% to AED 172 million from AED 154 million in Q1 2022. EBITDA increased. by 1.5% to reach 268 million dirhams. The net profit of the parent company stood at 236 million dirhams, compared to a net profit in the first quarter of 2022 which amounted to 88 million dirhams.
Read the Latest World News Today on The Eastern Herald.
