{"id":80663,"date":"2023-11-16T00:00:00","date_gmt":"2023-11-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/16\/a-big-drop-in-net-income-for-tabreed-in-3q\/"},"modified":"2023-11-16T00:00:00","modified_gmt":"2023-11-16T00:00:00","slug":"a-big-drop-in-net-income-for-tabreed-in-3q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/16\/a-big-drop-in-net-income-for-tabreed-in-3q\/","title":{"rendered":"A big drop in net income for Tabreed in 3Q"},"content":{"rendered":"

<\/strong>Tabreed plummets into losses in 3Q:<\/strong> The UAE\u2019s 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)<\/a>. The company\u2019s revenues increased by 10.5% y-o-y to AED 755 mn in 3Q despite the loss in net income.<\/p>\n

Income down, revenues up:<\/strong> The company's q-o-q bottomline dropped 20% from AED 159.4<\/a> mn while its topline rose 20% from AED 604 mn last quarter. <\/p>\n

The story behind the numbers:<\/strong> Tabreed attributed the increase in its y-t-d revenues to the steady growth of its consumption volumes \u2014 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<\/a>. 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<\/a> in subsidiary Tabreed Parks Investments.<\/p>\n

What they said:<\/strong> \u201cTabreed 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,\u201d Tabreed's CEO Khaled Al Qubaisi stated, adding that the company is on track to add 120k refrigeration tons by the end of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

While net income took a hit, revenues rose 9.5% y-o-y in 3Q<\/p>\n","protected":false},"author":1,"featured_media":80664,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[657,105,11,200,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings","tag-earnings-watch","tag-enterpriseclimate","tag-tabreed","tag-uae","wpautop","entry"],"acf":{"mongo_id":"1dfe0df4-2ab6-4844-8790-6eaaabb8991c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1474.jpg","photo_position":"above","homepage_title":"","full_issue_title":"A big drop in net income for Tabreed in 3Q","related_issue":[80653],"teaser":"While net income took a hit, revenues rose 9.5% y-o-y in 3Q","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.97f875c7-8352-41f0-b8f5-e0dc14e072a6.mp3"},"yoast_head":"\nA big drop in net income for Tabreed in 3Q - 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