{"id":98045,"date":"2024-11-19T00:00:00","date_gmt":"2024-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/tabreed-takaful-emarat-turn-to-the-black-in-3q\/"},"modified":"2024-11-19T00:00:00","modified_gmt":"2024-11-19T00:00:00","slug":"tabreed-takaful-emarat-turn-to-the-black-in-3q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/tabreed-takaful-emarat-turn-to-the-black-in-3q\/","title":{"rendered":"Tabreed, Takaful Emarat turn to the black in 3Q"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TABREED-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1548.pdf\" style=\"\" rel=\"noopener\">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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1547.pdf\" style=\"\" rel=\"noopener\">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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TAKAFUL EMARAT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Takaful Emarat turned to the black in 3Q 2024, posting AED 8.8 mn in net incom<\/strong><strong>e, <\/strong>compared to a net loss of AED 851k during the same period last year, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1673.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. The turnaround reflects Takaful Emarat\u2019s \u201csuccess [in improving] operational efficiency and financial performance,\u201d the company said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1674.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The ins. firm saw its revenues increase 96.6% y-o-y to AED 103.4 in 3Q. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a nine-months basis<\/strong>, <strong>Takaful Emarat widened its net losses 147.6% y-o-y to AED 4.1 mn. <\/strong>The company booked AED 293.6 mn in revenues during the nine-month period, up 89.1% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead<\/strong>, Takaful Emarat expects to finalize its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/f05cdc9f-f3aa-4cc0-9006-ea1dfd75edf0\/adipec-%2B-uae-gov%25e2%2580%2599t-annual-meetings-kick-off#:~:text=%232%2D%20Takaful,31%20December%202023.\" style=\"\" rel=\"noopener\">AED 185 mn capital restructuring<\/a> by the end of November, which will help bolster its financial stability and \u201csupport its future growth plans,\u201d the firm said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tabreed logged AED 165.5 mn in net income in 3Q<\/p>\n","protected":false},"author":1,"featured_media":98046,"comment_status":"","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":[1596],"tags":[237,7,365,689],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-tabreed","tag-takaful-emarat","wpautop","entry"],"acf":{"mongo_id":"f84be18b-94b2-4850-9cef-bdba2bb4804a","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/157.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tabreed, Takaful Emarat report 3Q earnings","related_issue":[98026],"teaser":"Tabreed logged AED 165.5 mn in net income in 3Q","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.fa41f58f-7ca6-4c6d-969a-bb4dbe9ce695.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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