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TABREED-
District Cooling company Tabreed saw its net income rise 3% y-o-y to AED 164.5 mn in net income in 2Q 2024, according to the firm’s financials (pdf). Tabreed’s revenues inched up 1.3% y-o-y, reaching AED 611.4 mn during the three-month period, with the company attributing growth to sustained profitability margins and an 8% increase in consumption volumes, according to its earnings release.
On a six-month basis, Tabreed saw its net income dip 29% y-o-y to AED 283.8 mn in 1H 2024. The company’s revenues remained relatively flat at AED 1.08 bn during the same period.
Tabreed signals it’s ready once again to invest in the Egyptian market: The district cooling firm is in talks to expand its operations in Egypt following the launch of its project at Marakez’s Downtown Katameya Mall, CFO Adel Al Wahedi told Asharq Business.
The EGP’s stability is what swayed Tabreed: The company has been hesitant to invest in Egypt because it conducts its activities in local rather than foreign currency, Al Wahedi explained. However, the firm has taken note of the stability of the EGP over recent weeks.
Remember: The firm terminated an EGP 1.6 bn contract with Egyptians for Healthcare Services at the start of the year for its unit CapitalMed’s medical complex in Badr City in Egypt. The company’s CEO Khalid Al Marzooqi said that the pre-float FX crisis had made the project “financially unsustainable.”
It’s also considering issuing green sukuk and bonds to refinance some of its debt, Al Wahedi added.
PLUS- The firm appointed Bakheet Al Katheeri (LinkedIn) as its new chairman, replacing Khaled Al Qubaisi, who has served as Chairman since 2017. Al Katheeri is currently the CEO of Mubadala’s UAE Investments platform, and previously headed Mubadala Energy.
AL ANSARI-
Al Ansari Financial Services saw its net income fall 18% y-o-y in 2Q 2024 to AED 106.7 mn, according to its financial statements (pdf). The company’s operating income remained flat at AED 292.3 mn, cushioned by a 6% y-o-y growth in its remittance segment, signaling a “positive trajectory for the remittance business and a potential reduction in customers’ reliance on the parallel market,” Al Ansari said in its earnings release (pdf).
On a six-month basis, Al Ansari’s bottom line declined 22% y-o-y to AED 205.5 mn in 1H 2024, mostly due to the introduction of the corporate tax. The company’s operating income inched down 2% y-o-y to AED 257.9 mn in 1H.
ABU DHABI AVIATION-
Abu Dhabi Aviation’s (ADA) net income reached AED 695.4 mn in 2Q 2024, up from the previous AED 15.7 mn net loss recorded in 2Q 2023, according to the company’s financials (pdf). The company’s revenues reached AED 1.55 bn, up 3.3% y-o-y during the period.
On a six month basis, ADA’s net income reached AED 722.2 mn in 1H 2024, up 612% y-o-y. The company’s revenues amounted to AED 3.23 bn during the period, down 4.4% y-o-y on the back of “operational streamlining at newly acquired businesses,” ADA said in a separate earnings release (pdf).
ICYMI- ADA completed an acquisition of stakes in three aviation firms from ADQ subsidiary ADQ Aviation in a transaction valued at AED 4 bn back in May. ADQ Aviation transferred stakes in the three companies — Etihad Airways Engineering, Advanced Military Maintenance Repair and Overhaul Centre (Ammroc), and Global Aerospace Logistics (GAL) — in exchange for shares in ADA.
ABU DHABI NATIONAL INS.-
Abu Dhabi National Ins. Company (ADNIC)’s bottom line remained flat at AED 104.2 mn in 2Q 2024, according to the company’s financial statements (pdf). ADNIC’s ins. revenues increased 53% y-o-y to AED 1.74 bn. On a six month basis, ADNIC’s net income also remained flat y-o-y at AED 205.2 mn, with revenues increasing 54% y-o-y to reach AED 3.29 bn.
