UAE-based National Central Cooling Company (Tabreed) has reported Q2 2022 net profit of AED 152 million ($41 million) as it continues its regional expansion, up from AED 148 million yoy, financial results show.

The company said it had doubled the size of its concession capacity in Oman during the first half of 2022, period, acquiring the district cooling plant for Muscat real estate development Al Mouj.

In the statement to Dubai Financial Market where its shares trade, Tabreed said its H1 2022 net profit rose 3% yoy to AED 240.4 million.

Revenue climbed to AED 555.8 million for Q2 2022, up from AED 551.4 million YoY.

The H1 yoy revenue rose 12.3% to AED 975.7 million, with total connected capacity reaching 1,241,331 refrigeration tons (RT), the company said. 

Tabreed currently provides district cooling services in Dubai, Abu Dhabi, Bahrain, Saudi Arabia, operating 86 plants in the GCC, with 75 of them in the UAE.

The Abu Dhabi-based company’s board also voted to increase its foreign ownership limit to 100 percent, subject to approval from the Securities and Commodities Authority (SCA), according to statements DFM.

The announcement follows moves to increase foreign ownership by a number of UAE-based companies including National Marine Dredging Company (NMDC), Aramex, Etisalat, Du and Dubai Islamic Bank.

(Writing by Imogen Lillywhite; editing by Brinda Darasha)