Gulf News

Tabreed’s net profit at Dh400 million

In Q3-22, Tabreed signed mega contract for Cairo health care city

- DUBAI

Tabreed is one of the few UAE listed companies to allow foreign ownership of up to 100 per cent — ‘a strategica­lly important move that increases flexibilit­y and ensures the best possible share marketabil­ity’.

The DFM-listed district cooling company Tabreed’s nine-month net profit hits Dh400 million, up 3 per cent year-on-year. Heading into 2023, the company expects to see gains from recent contract wins in the UAE and outside to deliver on more growth. Revenues during this period were at Dh1.65 billion.

And for the medium-term, there is Egypt, where in September, the company signed a deal with EHCS to design, build and operative a substantia­l district energy plant for a new health care city — CapitalMed — in Cairo. (EHCS stands for Egyptians for Healthcare Services Co.)

This was the second major win for Tabreed since entering Egypt in February. Egypt has been rated a strategic priority for Tabreed alongside Saudi Arabia and India as it widens the base outside of the UAE.

“Tabreed continues to post record profits and a consistent­ly strong balance sheet, evidenced by Fitch’s updated rating outlook of ‘stable’ and affirmed at BBB,” said Khaled Abdullah Al Qubaisi, Tabreed’s Chairman. “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.”

Tabreed is one of the few UAE listed companies to allow foreign ownership of up to 100 per cent — ‘a strategica­lly important move that increases flexibilit­y and ensures the best possible share marketabil­ity’.

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