Search Site

Trends banner

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Tabreed 2023 revenue up 9%

During 2023, Tabreed reported a growth of 9% in revenue and an increase of 25% in net profit before tax to parent.
  • Tabreed’s Board of Directors has recommended a record high dividend payment of 15.5 fils per share in cash.
  • Net cash from operating activities totaled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8 percent to AED 1.21 billion.

Abu Dhabi, UAE — UAE’s district cooling company Tabreed posted a revenue of AED 2.4 billion ($653 million), a 9 percent increase over 2022, and a net profit attributable to parent, before deferred tax, of AED751 million ($204 million).

Tabreed’s said its net debt decreased in 2023 thanks to strong cash generation and a decline in gross debt due to a proactive debt management exercise carried out during the year.

As a result of prudent financial management, the company achieved reductions in its net finance costs by 24 percent, despite a high interest rate environment, it added.

Net cash from operating activities totaled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8 percent to AED 1.21 billion, driven by strong operating income, continued investment in growth and streamlining of existing asset portfolio.

Tabreed’s Board of Directors has recommended a record high dividend payment of 15.5 fils per share in cash. This represents an increase of 15 percent over 2022.

During 2023, with the enactment of UAE corporate tax law, there was a one-off, non-cash accounting impact due to recognizing a deferred tax liability amounting to AED 359 million, resulting in a reported net profit of AED431 million for the year.