{"id":88079,"date":"2024-11-19T00:00:00","date_gmt":"2024-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/19\/tabreed-is-back-in-black-taqas-bottom-line-is-on-the-rise-in-3q\/"},"modified":"2024-11-19T00:00:00","modified_gmt":"2024-11-19T00:00:00","slug":"tabreed-is-back-in-black-taqas-bottom-line-is-on-the-rise-in-3q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/19\/tabreed-is-back-in-black-taqas-bottom-line-is-on-the-rise-in-3q\/","title":{"rendered":"Tabreed is back in black + Taqa\u2019s bottom line is on the rise in 3Q"},"content":{"rendered":"

Tabreed makes gains in 3Q: <\/strong>UAE district cooling firm Tabreed\u2019s 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\u2019s financial statements (pdf)<\/a>. Tabreed\u2019s 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. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

On a 9M basis: <\/strong>The company\u2019s 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)<\/a>. 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. <\/p>\n

Tabreed had an active year: <\/strong>Tabreed was given the Verified Carbon Standard for one of its Abu Dhabi plants in September<\/a> from the US-based voluntary carbon credit certification body Verra, making it eligible for carbon trading. The company can trade carbon credits as an \u201cemissions preventer,\u201d marking the first time a district cooling company has earned the title. In 2023, Tabreed reduced 2.5k GWh of energy consumption<\/a> from its operations, preventing 1.5 mn tons of CO2 emissions. <\/p>\n

REMEMBER- Tabreed\u2019s bottomline fell sharply in 1Q: <\/strong>Tabreed\u2019s net income after tax fell 52% y-o-y to AED 112 mn in 1Q 2024<\/a> on the back of one-off gains in the same period last year. <\/p>\n

Green bonds on the horizon: <\/strong>Tabreed is also considering issuing up to USD 1.2 bn of green<\/a>sukuk and bonds<\/a> in 2025 to refinance some of its debt, according to comments made by Tabreed CFO Adel Salem Al Wahedi back in May. <\/p>\n

\n

TAQA-<\/p>\n

Abu Dhabi state-owned energy firm Taqa saw an 18.6% rise in net income to AED 2 bn in <\/strong>3Q 2024<\/strong>, according to its financial statements (pdf)<\/a>. The company\u2019s 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)<\/a>.<\/p>\n

Taqa\u2019s net income grew 13.2% y-o-y to AED 6.3 bn in 9M 2024, excluding one-off items.<\/strong> 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\u2019s new corporate tax. The company\u2019s revenues climbed 6% y-o-y to AED 41.7 bn during the nine-month period.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company accomplished a lot this year<\/p>\n","protected":false},"author":1,"featured_media":88080,"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":[199,105,11,200,281,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-district-cooling","tag-earnings-watch","tag-enterpriseclimate","tag-tabreed","tag-taqa","tag-uae","wpautop","entry"],"acf":{"mongo_id":"d0060418-8f5a-4027-a571-3fd4371116ea","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1639.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tabreed is back in black + Taqa\u2019s bottom line is on the rise in 3Q","related_issue":[88067],"teaser":"The company accomplished a lot this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.bd877cbc-e2f0-43a2-82ba-e50a801e4511.mp3"},"yoast_head":"\nTabreed is back in black + Taqa\u2019s bottom line is on the rise in 3Q - 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