Dubai-listed cooling company Tabreed saw its profits soar to AED242.45 million ($66 million) for Q1 2023 from AED88 million in Q1 2022.

The company said revenue increased by 10% year-on-year (YoY) to AED464 million, from AED420 million in Q1 2022 driven by increases in new connections during the past 12 months and higher consumption volumes.

Tabreed, which is based in Abu Dhabi, added 12,000 Refrigerated Tons (RT) across the UAE and Oman, increasing total connected capacity to 1.276 million RT, statements posted to Dubai Financial Market (DFM) said.

Chairman Khaled Abdulla Al Qubaisi said for the remainder of the year, the company, operating in the UAE, Oman, Bahrain and Saudi Arabia, will continue to focus on growing its regional and international reach.

In February, Saudi Tabreed entered a partnership with the Saudi Public Investment Fund (PIF) as a new shareholder with a 30% stake.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@lseg.com)