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Wednesday, 15 November 2023

A big drop in net income for Tabreed in 3Q

Tabreed plummets into losses in 3Q: The UAE’s National Central Cooling Company (Tabreed) reported a net loss of AED 127.8 mn in 3Q 2023, down 176% y-o-y, according to a DFM filing (pdf). The company’s revenues increased by 10.5% y-o-y to AED 755 mn in 3Q despite the loss in net income.

Income down, revenues up: The company's q-o-q bottomline dropped 20% from AED 159.4 mn while its topline rose 20% from AED 604 mn last quarter.

The story behind the numbers: Tabreed attributed the increase in its y-t-d revenues to the steady growth of its consumption volumes — up 9% y-o-y. The increased demand is driven by both new clients and growing consumption from existing customers, the company explains in a separate statement. Tabreed also gave a forewarning in August that it expects a lower net income for the company by 3Q 2023 after it offloaded 50% of its ownership in subsidiary Tabreed Parks Investments.

What they said: “Tabreed continued to capitalize on its regional presence, growing rapidly and strategically across its core markets, domestically in the UAE and regionally across GCC and Asia,” Tabreed's CEO Khaled Al Qubaisi stated, adding that the company is on track to add 120k refrigeration tons by the end of 2024.

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