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Tabreed makes gains in 3Q: UAE district cooling firm Tabreed’s turned to the black in 3Q 2024, posting a net income of AED 165.5 mn, up from a net loss of AED 127.9 mn in the same quarter last year, according to the company’s financial statements (pdf). Tabreed’s revenue also increased to AED 770.9 mn in 3Q 2024, up slightly from the AED 755.4 mn recorded in the same quarter of 2023.
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On a 9M basis: The company’s revenue rose 1.5% y-o-y to AED 1.85 bn in 9M 2024, while net income rose 64% y-o-y to AED 449.4 mn, according to an earnings release (pdf). During the nine-month period, installed capacity reached 1.3 mn RT with 17.1k new RT customer connections in the UAE, India, Egypt, and Oman. Consumption volumes also increased 6% y-o-y.
Tabreed had an active year: Tabreed was given the Verified Carbon Standard for one of its Abu Dhabi plants in September from the US-based voluntary carbon credit certification body Verra, making it eligible for carbon trading. The company can trade carbon credits as an “emissions preventer,” marking the first time a district cooling company has earned the title. In 2023, Tabreed reduced 2.5k GWh of energy consumption from its operations, preventing 1.5 mn tons of CO2 emissions.
REMEMBER- Tabreed’s bottomline fell sharply in 1Q: Tabreed’s net income after tax fell 52% y-o-y to AED 112 mn in 1Q 2024 on the back of one-off gains in the same period last year.
Green bonds on the horizon: Tabreed is also considering issuing up to USD 1.2 bn of green sukuk and bonds in 2025 to refinance some of its debt, according to comments made by Tabreed CFO Adel Salem Al Wahedi back in May.
TAQA-
Abu Dhabi state-owned energy firm Taqa saw an 18.6% rise in net income to AED 2 bn in 3Q 2024, according to its financial statements (pdf). The company’s topline rose 14.3% y-o-y to AED 14.6 bn, supported by the integration of Taqa Water Solutions, according to a separate earnings release (pdf).
Taqa’s net income grew 13.2% y-o-y to AED 6.3 bn in 9M 2024, excluding one-off items. Those items included AED 10.8 bn tied to a 5% stake in Adnoc Gas and a AED 1.1 bn deferred tax charge linked to UAE’s new corporate tax. The company’s revenues climbed 6% y-o-y to AED 41.7 bn during the nine-month period.
