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Tabreed posts lower profits in 9M-23, shifts to losses in Q3

Tabreed posts lower profits in 9M-23, shifts to losses in Q3
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Dubai – Mubasher: National Central Cooling Company (Tabreed) logged net profits attributable to the equityholders worth AED 285.13 million in the first nine months (9M) of 2023, versus AED 399.61 million in 9M-22.

The UAE company generated revenues amounting to AED 1.82 billion in January-September 2023, an annual rise of 10% from AED 1.65 billion, according to the income statements.

Basic and diluted earnings per share (EPS) dropped to AED 0.10 in 9M-23 from AED 0.14 a year earlier.

Total assets hit AED 14.92 billion as of 30 September 2023, versus AED 15.45 billion as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the company shifted to net losses attributable to the shareholders worth AED 101.25 million, compared to net profits of AED 159.25 million a year earlier.

Revenues grew to AED 755.39 million in Q3-23 from AED 683.79 million in Q3-22. Meanwhile, the basic and diluted loss per share hit AED 0.04, against a profit per share valued at AED 0.06.

Khaled Al Qubaisi, Chairman of Tabreed, said: “Tabreed continued to capitalise on its regional presence, growing rapidly and strategically across its core markets, domestically in the UAE and regionally across GCC and Asia, further cementing our position as the district cooling partner of choice.”

“Our new projects and capacity additions throughout the period continue to demonstrate the attractiveness of district cooling in Tabreed’s key markets, with the company on track to add 120,000 RT over 2023-2024,” Al Qubaisi highlighted.

He added: “Equally important is Tabreed’s commitment to pursuing growth opportunities and delivering attractive and sustainable long-term returns for shareholders, underpinned by a positive business outlook and resilient business model offering predictable cash flows.”

During the first half (H1) of 2023, the DFM-listed company posted net profit attributable to the owners valued at AED 386.39 million, compared to AED 240.36 million in H1-22.