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TABREED-
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.
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.
TAKAFUL EMARAT-
Takaful Emarat turned to the black in 3Q 2024, posting AED 8.8 mn in net income, compared to a net loss of AED 851k during the same period last year, according to its financials (pdf). The turnaround reflects Takaful Emarat’s “success [in improving] operational efficiency and financial performance,” the company said in its earnings release (pdf). The ins. firm saw its revenues increase 96.6% y-o-y to AED 103.4 in 3Q.
On a nine-months basis, Takaful Emarat widened its net losses 147.6% y-o-y to AED 4.1 mn. The company booked AED 293.6 mn in revenues during the nine-month period, up 89.1% y-o-y.
Looking ahead, Takaful Emarat expects to finalize its AED 185 mn capital restructuring by the end of November, which will help bolster its financial stability and “support its future growth plans,” the firm said.
