Company again supports United Nations Environment Programme and Cool CoalitionAbu Dhabi, United Arab Emirates— 25 November 2024: Tabreed, the UAE’s leading international district cooling company, has completed its week-long activities at COP29 in Baku, Azerbaijan. During this vitally important global event, the company’s representatives delivered keynote addresses, participated as panellists and delivered presentations that positioned Tabreed as, not only the global leader in this vital industry but also one that’s ready, willing and able to export its unmatched international expertise to new territories, such as Southeast Asia, where it is needed more than ever before.Following a successful collaboration during 2023’s COP28 in Dubai, Tabreed once again supported the United Nations Environment Programme (UNEP)-led Cool Coalition as a Silver Sponsor of the Buildings and Cooling Pavilion in the heart of the Blue Zone. As a supprter of UNEP’s Global Cooling Pledge, implemented during COP28, Tabreed is at the forefront of decarbonisation and this year’s pavilion in Baku hosted dozens of sessions targeted at global legislators and developers who are working towards more sustainable practices, with cooling high on the agenda.Tabreed’s involvement in COP29 is seen as crucial to CEO, Khalid Al Marzooqi, who said: “District cooling’s energy efficiency brings huge benefits through large scale avoidance of carbon emissions, making it an essential player in the drive for net-zero. That’s why Tabreed is a constant presence at pivotal global events such as COP, and I am proud that we’re leading the conversation on sustainable cooling at such a crucial moment in world history.”During the packed programme, Tabreed showcased its award-winning innovations, such as the new G2COOL geothermal plant, which has been grabbing the headlines across Southeast Asia in recent months, while interacting with audiences from around the world eager to know more about the well-documented environmental and operational benefits provided by district cooling.Shikha Bhasin, Senior Adviser to UNEP and the UNEP-Led Cool Coalition, said: “Tabreed’s involvement at COP29 helps position the company at the forefront of decarbonisation while adding further proof that the UAE is setting new standards in the drive for genuine sustainability. District cooling is becoming a focal point for increasing numbers of countries affected by climate change and we’re grateful that Tabreed continues to champion the work of the Cool Coalition, bringing its decades’ worth of expertise to these incredibly important discussions.”

New customer connections in four countries: UAE, India, Egypt and OmanCompany committed to maintaining ‘Investment Grade’ credit ratingAbu Dhabi, United Arab Emirates—14 November 2024: Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first nine months of 2024.Tabreed has experienced a 6% year-on-year rise in consumption volumes during 9M 2024, helping normalised net profit before tax to also increase by 4% to AED 462 million. During the first nine months period, the company delivered consistent growth, maintained resilient profitability margins and further strengthened its financial position. Group revenue increased to AED 1.85 billion in 9M 2024, driven by growth in consumption and 29,000 Refrigeration Tons (RT) of new connections added in the past 12 months. The results also show Tabreed’s earnings before interest, taxes, depreciation and amortisation (EBITDA) has increased to AED 933 million, a healthy increase over the AED 914 million reported for the same period last year. EBITDA margin remained stable at 50% over the first nine months, underscoring the predictable and sustainable nature of Tabreed’s business model.New loads connected during the third quarter gathered pace with 12,444 RT added, compared to 4,646 RT connected in the first half of 2024. Tabreed continued to deliver on its international expansion strategy, too, with 3,000 RT incremental load connected in India and 1,500 RT in Egypt.Once again, Tabreed’s results show it to be in robust financial health. The company continued to generate strong cash flows with free cash flows of AED 912 million over the past 12 months, translating to a healthy yield of more than 10%. Demonstrating responsible management and prudent use of surplus cash, Tabreed further reduced its debt by 12% in the first nine months of the year. This resulted in further strengthening of the company’s balance sheet with a net debt to EBITDA ratio of 4.0x, which reiterates Tabreed’s commitment to maintaining its ‘investment grade’ credit rating.During the third quarter, Tabreed was extremely active in increasing awareness of district cooling. During July the company sponsored, and participated in, the third edition of Asia Urban Energy Assembly (AUEA) in Bangkok – a strategically important event considering Tabreed’s stated ambitions to seek new opportunities across Southeast Asia. Just weeks later, Tabreed again sponsored World Utilities Congress as official ‘Cooling Partner’. Senior management and engineering staff engaged with multiple audiences, while the company’s stunningly designed stand drew praise and admiration from all who visited it.Additionally, in Q3 Tabreed achieved ‘Verified Carbon Standard’ status following the conclusion of a year-long independent assessment by Verra at one of the company’s Abu Dhabi district cooling plants, becoming the first district energy company in the world to achieve such recognition. Crucially, the results proved the energy efficiency credentials of Tabreed’s district cooling operations and further reinforced the role of the district cooling sector in reaching net zero goals. This also means that the company can now trade carbon credits in the voluntary market as a verified emissions preventer.Financial highlights – nine months ended 30 September 2024: Group revenue increased to AED 1.85 billion (9M 2023: AED 1.823 billion)EBITDA increased to AED 933 million (9M 2023: AED 914 million)Normalised net profit before tax increased by 4% to AED 462 million (9M 2023: AED 442 million)Net profit after tax is AED 425 million (9M 2023: AED 285 million)Operational highlights – nine months ended 30 September 2024:      Tabreed’s consumption volumes increased by 6% year-on-yearTotal connected capacity reached 1.318 million Refrigeration Tons (RT)17,090 Refrigeration Tons (RT) of new customer connections added (12,170 RT in UAE, 3,000 RT in India, 1,500 RT in Egypt and 420 RT in Oman)Commenting on the company’s 9M 2024 results, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “Yet again Tabreed has proved its worth to investors and stakeholders alike, exhibiting growth both at home and internationally as demand for our sustainable cooling increases. This company has a laserlike focus on decarbonisation and we are making strides to take Tabreed’s unmatched expertise into new territories while continuing to explore opportunities across the UAE and GCC.“Tabreed’s hard-earned reputation for fiscal responsibility continues to be recognised around the world and these results serve as further proof that this company is a safe haven for new and existing shareholders, delivering long-term value and consistently healthy returns.”

Company honoured with two major awards for its recent, groundbreaking initiatives in renewable geothermal energy and game-changing efficiency advancementsAbu Dhabi, United Arab Emirates – 24 October 2024: Tabreed, the world’s leading district cooling company, has been honoured at the prestigious 2024 Asian Power Awards, held this week in Singapore. Recognising Tabreed as a long-established champion of sustainable cooling, judges awarded the company with two significant awards: ‘Geothermal Power Project of the Year – Gold’ and ‘District Cooling Initiative of the Year – UAE’.The Asian Power Awards is a prestigious event that recognises innovative, ground-breaking projects and initiatives by power and energy companies. It honours those who have taken game-changing steps to address the effects of the climate crisis while meeting the growing demand for energy. Representing Tabreed and accepting the two awards on the night was Irshad Hussain, Vice President – Projects.Geothermal Power Project of the YearWith its strategic partner, ADNOC, Tabreed is leading the way in sustainable cooling with its ‘G2COOL’ Geothermal Project in Masdar City, Abu Dhabi. Operations commenced in December 2023, with this innovative facility using geothermal energy to provide cooling services and integrating with a pre-existing district cooling network. It is the first district cooling plant of its kind in the Gulf region, helps decarbonise cooling in Masdar City and aligns with the UAE’s National Energy Strategy 2050.This plant utilises hot water from geothermal sources deep underground to power a special absorption chiller, which achieves an impressive electrical efficiency of 0.5 to 0.55 kW per refrigeration ton (RT), compared to the typical 0.85 kW per RT in conventional district cooling systems. Geothermal energy produces minimal emissions compared to traditional methods, supporting the UAE’s goals to diversify energy sources and lessen reliance on fossil fuels.District Cooling Initiative of the Year – UAEThis award honours a pioneering pilot study at one of Tabreed’s Abu Dhabi plants in collaboration with Ireland’s HT Materials Science (HTMS), to explore the potential of a revolutionary nanofluid technology known as ‘Maxwell’, which has been engineered to enhance heat transfer. Tabreed discovered that, by using Maxwell in the chilled water loop, it achieved an impressive increase in cooling system efficiency of approximately 15%.Maxwell, named after James Clerk Maxwell, the pioneering scientist who first developed the concept of nano fluids in the 19th century, is an engineered suspension of sub-micron aluminium oxide particles in a base fluid of water or water/glycol (‘nanofluid’) – a drop-in additive for cooling and heating systems, that works by enhancing heat transfer efficiency in cooling systems without requiring complex tools or equipment replacement.Commenting on the awards, Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said they serve as important reminders that the company’s pursuit of sustainable operations exemplifies its wider commitment to a greener future. “Our pursuit of energy efficiency knows no limits,” he said. “We lead this essential industry with our innovative approach, in which we leave no stone unturned to reduce energy consumption and our impact on the environment. I’m very proud of what everyone at Tabreed achieves and being honoured with these awards is an acknowledgement of the vital steps we’re taking to decarbonise the building sector.”Tabreed has previously stated its aim to expand its international presence, with a particular focus on Southeast Asia. The company, which was founded in 1998, is already operating in six countries with a growing portfolio of district cooling plants, currently numbering 91. As more countries experience the adverse effects of rising global temperatures, the demand for cooling is rapidly increasing. As the world’s leader in sustainable district cooling, Tabreed’s operations prevent millions of tons of CO2 emissions through its substantial energy savings.

Third edition of world-leading event held under the patronage of HH Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive CouncilAbu Dhabi, United Arab Emirates – 19 September 2024: Tabreed, the world’s leading district cooling company, yesterday completed its sponsorship, exhibition and participation at the third World Utilities Congress, held at the Abu Dhabi National Exhibition Centre (ADNEC). Since the first edition in May 2022, the event has become a firm fixture on the calendar for regional and global utilities companies and Tabreed has played a central role as sponsor and exhibitor from the start. This year, the three-day congress attracted record numbers of delegates, visitors, exhibitors, industry leaders, innovators and government officials, from all around the world.Tabreed’s senior management took part in numerous high level panel discussions and technical presentations on each of the three days, addressing many of the most pressing issues and challenges faced by operators tasked with meeting the fast-growing global demand for sustainable cooling. Topics included policy and regulation, the need for a customer-centric approach, carbon pricing, water desalination, operational excellence and empowering the next generation of talent through effective human capital practices.Bigger and better than ever before, Tabreed’s eye-catching exhibition stand was elegantly and intelligently designed, occupying a prime location that helped attract many hundreds of familiar faces and curious, first-time visitors. It featured dedicated display areas for the company’s new geothermal plant, detailing this remarkable application of renewable energy in the first project of its kind in the Middle East, as well as an immersive virtual reality tour of a district cooling facility and a unique, interactive game in which participants worked against the clock to construct a chilled water supply network.Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said of the event: “For 26 years, Tabreed has been a pillar of the UAE’s business community and has grown to become one of the major utility providers, both at home and internationally. So, World Utilities Congress is a perfect fit for us and we are proud to have been the Exclusive Cooling Partner again this year.“It’s an ideal platform for us to share our world-leading industry know-how, showcase our latest innovations – our new geothermal plant, for instance, stirred enormous interest with anyone who visited our stand – and interact with stakeholders, policymakers, legislators and government leaders from all over the world. We’re already operating in six countries and have further international expansion in our sights, and being active in leading industry events such as World Utilities Congress means we’re able to increase awareness of the undeniable benefits of district cooling to the widest, most diverse audience possible.”Tabreed’s participation in World Utilities Congress reaffirms its role as a key player in the transition to clean energy. As the world moves towards a de-carbonised future, Tabreed stands ready to continue its journey as the world leader in essential district cooling, shaping a greener, more sustainable tomorrow.

Year-long review by Verra confirms district cooling’s unrivalled energy efficiencyAbu Dhabi, United Arab Emirates – 29 August 2024: Tabreed, the world’s leading district cooling company, has made a major advancement in its efforts to decarbonise the cooling sector, achieving the ‘Verified Carbon Standard’ at one of its Abu Dhabi plants, certifying carbon credits to offset emissions.Independent non-profit agency, Verra, which sets the world’s leading standards for climate action and sustainable development, carried out a year-long verification programme at the plant, which supplies a high-profile commercial and tourist attraction development with sustainable cooling services that are vital to its daily activities.The study confirmed that the plant’s operations bring significant environmental benefits through maximising energy efficiency, estimating that the 28,000 Refrigeration Ton (RT) facility prevents approximately 19,320 tons of carbon emissions each year due to savings in electricity consumption (compared to the baseline of other stand-alone cooling solutions). The Verra report states that Tabreed’s “highly efficient district cooling will displace the cooling from conventional/less efficient cooling system[s] and reduce the electricity consumption which would result in [a] reduction in greenhouse gas (GHG) emissions.”The resulting report’s findings mean Tabreed is eligible to trade carbon credits (in the voluntary market) as an emissions preventer – a major recognition for Tabreed and the entire district cooling sector. Remarkably, this is the first time any district cooling company has been able to achieve this and opens the possibility for Tabreed to bring in additional revenues from the trading of carbon credits, as companies worldwide look for ways in which to offset their own emissions.While the project focused on a single Tabreed plant, its success will allow the company to apply the same methodology to other facilities in its portfolio under a ‘framework’ where it has been independently proved that district cooling technology is more energy efficient and consumes less electricity than others, thereby resulting in significantly fewer carbon emissions.This development follows the company’s numerous renewable energy initiatives during 2023, which included (in collaboration with ADNOC) the design, construction and commissioning of the region’s first district cooling plant powered by renewable geothermal energy.Commenting on this latest advancement, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said the company has always been a trailblazer in the district cooling industry. “Where we lead, others try to follow, and this will be no different,” he said. “In fact, Tabreed is the first district energy company anywhere in the world to achieve this recognition and that’s really important for multiple reasons, not least because it backs up what we’ve always said: that district cooling is up to 50% more energy efficient that conventional methods.“The world is rapidly waking up to the unavoidable fact that climate change is real. And as populations continue to grow, so is the demand for cooling, which is no longer a luxury but a vital aspect of daily life for countless communities, businesses and industries. Tabreed is well placed to meet that demand, as the company is already operating in six different countries, and is ready, willing and able to expand into new territories, bringing its unrivalled expertise to help countries meet their own net-zero targets while facilitating societal and economic progress.”

Rising year-on-year consumption volumes driving increased profits and improved EBITDACompany strengthens financial position through prudent capital allocation, including repurchasing of Sukuk and increasing cash dividendsAppointment of Dr. Bakheet Al Katheeri as Chairman, along with new Board member Mansoor Mohamed Al HamedAbu Dhabi, United Arab Emirates – 9 August 2024: Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first six months of 2024 and announced changes to its Board of Directors.The results demonstrate exceptional financial health driven by business growth, sustained profitability margins and a commitment to sound financial discipline. Tabreed experienced an 8% year-on-year surge in consumption volumes, reflecting rising cooling demand during the summer and continued strategic expansion over the past 12 months. As a result of strong operating performance, the company delivered a normalised net profit before tax of AED 291 million – an increase of 4% compared to the same period last year.H1 2024 also saw Tabreed’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increase to AED 603 million, which compares favourably to the AED 590 million reported for H1 2023. Topline group revenue increased to AED 1.08 billion for H1 2024, compared to AED 1.067 billion during the first half of 2023. Tabreed’s H1 2024 EBITDA margin increased year-over-year to 56%, demonstrating the company’s ability to generate strong financial results while expanding its business.The company generated impressive free cash flows of AED 978 million over the past 12 months, translating to a healthy yield of more than 10%. Demonstrating responsible management and prudent use of surplus cash, Tabreed further reduced its debt by 12% in the first half of the year by repurchasing an additional USD 207 million (AED 759 million) of its outstanding sukuk due in 2025.Including the USD 33 million (AED 12 1 million) Sukuk repurchased in 2023, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of the outstanding Sukuk. The buyback is part of Tabreed’s active management of its debt portfolio to optimise its funding cost and further strengthen its balance sheet. Simultaneously, the company increased cash returns to shareholders, evidenced by an increase of 15% year-on-year in cash dividends paid for the year 2023. During the annual general assembly held in March 2024, a cash dividend of 15.5 fils per share for 2023 was approved by Tabreed’s shareholders, which was subsequently paid in April 2024.Additionally, during H1 2024, Tabreed completed and commissioned its new district cooling plant on Saadiyat Island, Abu Dhabi. With an ultimate capacity of 21,000 RT (refrigeration tons), the facility supplies sustainable cooling to residential and commercial communities. It is currently supplying 9,000 RT with plans to add 6,000 RT over the next two years.Tabreed also kicked off its previously stated plans to increase the company’s international reach by sponsoring the key Big 5 Construct event in Cairo, Egypt. Senior management gave keynote addresses and participated in high-level discussions with planners, developers and government representatives, centred on district cooling being the only viable solution for new, sustainable cities.Changes to Board of DirectorsTabreed is pleased to announce the appointment of Dr. Bakheet Al Katheeri as the new Chairman of its Board of Directors, succeeding Khaled Al Qubaisi, who has served as Tabreed’s Chairman since 2017.Dr. Al Katheeri, who has been a member of the Board since 2022, is well-positioned to lead Tabreed through its next growth phase, with more than two decades of operational and investment expertise in the energy, infrastructure and industrial sectors. Currently, he serves as the Chief Executive Officer of Mubadala’s UAE Investments platform, where he is responsible for guiding the growth and strategic direction of a diverse portfolio of major UAE companies. Also, his previous experience with ADNOC and academic background covering Engineering, Applied Mathematics, and Environmental Science are highly relevant to the business.Tabreed is also pleased to welcome Mansoor Mohamed Al Hamed as a new Board member. For more than 15 years, Mansoor has been instrumental in the strategic growth and development of Mubadala Energy, where he serves as the CEO for almost four years.Financial highlights – six months ended 30 June 2024: Group revenue increased to AED 1.08 billion (H1 2023: AED 1.067 billion)EBITDA increased to AED 603 million (H1 2023: AED 590 million)Normalised net profit before tax increased by 4% to AED 291 million (H1 2023: AED 280 million)Net profit after tax is AED 269 million (H1 2023: AED 386 million, including one-off gains)Operational highlights – six months ended 30 June 2024:      Tabreed’s consumption volumes increased by 8% year-on-yearTotal connected capacity reached 1.308 million Refrigeration Tons (RT)4,646 Refrigeration Tons (RT) of new customer connections added, mostly in the UAECommenting on the company’s H1 2024 results and his appointment, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “In the first half of 2024, Tabreed demonstrated a strong financial performance with increased consumption volumes driving higher profits and improved EBITDA. Our focus on prudent capital allocation has strengthened our financial position, ensuring we are ideally positioned for growth and expansion of our vital role in key infrastructure projects and decarbonisation across the UAE and the broader region.“I am honoured to take over as Chairman from Khaled Al Qubaisi. Under his leadership, Tabreed has positioned itself as an agile and efficient company with a proven, resilient business model and commitment to partnerships and sustainable value creation for all its investors, partners and stakeholders. I look forward to working closely with the company’s executive leadership team to drive our company forward.”

Company ready to offer world-leading experience to legislators and developers in combating climate change through energy efficiency and economies of scaleAbu Dhabi, United Arab Emirates – 9 July 2024: Tabreed, the world’s leading district cooling company, has wrapped its sponsorship and participation at the third edition of Asia Urban Energy Assembly in Bangkok, Thailand. Strategically an extremely promising market for sustainable cooling, Tabreed is seeking new opportunities across Southeast Asia, where the effects of global temperature rises are posing ever greater risks to society.Directly addressing, and engaging with, developers, architects, planners, engineers, consultants and government officials, members of Tabreed’s senior management made a clear and compelling case for district cooling to be considered an essential part of sustainable infrastructure. As new smart cities are being planned, responsible governments and developers must build into them future-proof technology that reduces energy consumption with reliable, sustainable services that allow communities and industries to flourish.“Cooling can no longer be considered a luxury,” commented Tabreed’s Chief Executive Officer, Khalid Al Marzooqi. “It’s now essential for life and the demand for cooling is soaring as climate change impacts more countries and territories. It’s essential for economic development, for health, comfort and social harmony, and Tabreed has been an enabler of these vital aspects for more than a quarter of a century.”District cooling supplies industrial, business and residential developments with chilled water from centralised plants via underground networks of insulated pipes, which is then used in buildings’ air conditioning systems before being returned to the plant for further cooling in a continuous cycle. The benefits are well documented and include 50% lower electricity consumption than conventional cooling, as well as reduced noise and visual pollution. Developers, too, can benefit from zero initial capital investment and increased real estate values.“Even more importantly,” concluded Al Marzooqi, “each year, by virtue of its high efficiency and lower energy consumption, Tabreed’s operations prevent the release of millions of tons of carbon emissions. That’s good for everyone, everywhere, and we’re playing a vital role in helping multiple countries reach their individual net-zero ambitions.”

Engaging with the region’s premier developers and legislators, Tabreed champions the virtues of District Cooling as the only viable option for Sustainable CitiesAbu Dhabi, United Arab Emirates – 30 June 2024: Tabreed, the world’s leading district cooling company, has completed its participation at this year’s Big 5 Construct Egypt, where members of its executive management team led the discussion on the vital topics of decarbonisation through planning efficiency and the role of district cooling in sustainable cities.This was the sixth edition of the most influential construction event in Egypt, with technology and sustainability both high on its agenda. For Tabreed, this presented an unmissable opportunity to engage with developers, architects, planners, engineers, consultants and government officials, to openly discuss the opportunities available to them through the uptake of district cooling. The industry has already proved itself over many decades to enormously benefit governments, customers, communities and investors across the GCC, enabling societal progress and rapid, sustainable growth.“District cooling is universally acknowledged as a vital player in the mitigation of climate change,” commented Tabreed’s Chief Executive Officer, Khalid Al Marzooqi. “As global populations and temperatures rise, so is the demand for cooling. Meeting that demand should not cost the earth and district cooling has shown itself to be indispensable, using 50% less energy than conventional air conditioning.“Every year our operations prevent the release of millions of tons of carbon emissions and Egypt already benefits from Tabreed’s presence – we provide cooling for the prestigious Downtown Katameya in New Cairo. We see enormous potential for further expansion across the country, which is undergoing a significant construction boom with many new cities planned or under development. Big 5 Construct, then, has provided us with an excellent platform from which to address vitally important and influential decision makers about incorporating district cooling in their plans at the earliest possible stages, so it forms an integral part of a sustainable and intelligent infrastructure.”

• Company made significant strides in decarbonisation of cooling throughout 2023• Enrolled in DFM’s Carbon Credits Pilot and purchased Clean Energy CertificatesAbu Dhabi, United Arab Emirates – 6 June 2024: Tabreed, the world’s leading district cooling company, today publishes its fourth annual Environmental, Social and Governance (ESG) Report, covering the year 2023.The comprehensive report details Tabreed’s overwhelmingly positive environmental impact during 2023, showing that its operations reduced overall energy consumption by 2.52 billion kWh – equivalent to powering more than 143,000 homes – which, in turn, prevented 1.5 million metric tons of CO2 emissions, which equates to removing 330,000 vehicles from our roads.Renewable energy became a permanent fixture in the company’s operations last year. In partnership with ADNOC, Tabreed designed, built and commissioned G2COOL, the region’s first district cooling plant to be powered using renewable geothermal energy from deep underground. The plant plays an important new role in decarbonising the way buildings are cooled in Abu Dhabi’s Masdar City, while diversifying the country’s energy mix in support of the UAE National Energy Strategy 2050.In a further renewable energy initiative, during 2023 Tabreed purchased 116,000 MWh of solar-sourced Clean Energy Certificates (CECs) from the Emirates Water and Electricity Company (EWEC), demonstrating its commitment to a diverse energy mix. These CECs are equivalent to the amount of energy required to cool prominent locations such as Masdar City, Raha Beach, and key attractions on Yas Island.Also during 2023, Tabreed joined a highly anticipated carbon credits trading pilot by Dubai Financial Market (DFM), which saw 24 of the UAE’s most esteemed companies and developers taking part, including Dubai Electricity and Water Authority (DEWA), DP World, Dubai Municipality, Dubai International Financial Centre (DIFC), Emirates NBD and Majid Al Futtaim. The carbon credits traded on DFM were supplied by DEWA, First Abu Dhabi Bank and MyCarbon, coming from internationally certified carbon projects around the world.Tabreed spent 2023 being increasingly active in the community, through a range of Corporate Social Responsibility (CSR) initiatives. For instance, assisting startups and young entrepreneurs working on climate solutions, the company sponsored and partnered with HUB71+ climateTECH and, during the Holy Month of Ramadan, Tabreed partnered with Emirates Red Crescent to provide many thousands of meals to underprivileged members of the community. Closer to home, in a move designed to improve the work/life balance for Tabreed’s staff, remote workday allowances were increased by 50% and a ‘personal hours’ policy was introduced.“In short,” said Khalid Al Marzooqi, Tabreed’s CEO, “this incredible, visionary company spent 2023 reaffirming its reputation as an undeniable force for good. Good for our customers, our investors, our staff, our communities and our environment. I am immensely proud to lead Tabreed and look forward to even greater achievements in the years to come.”View Tabreed’s 2023 ESG report in its entirety here.

Emirati artist, Saggaf Alhashmi, designed the stunning artwork bringing beauty of Emirati natural world to the capital’s new central business districtAbu Dhabi, United Arab Emirates – 28 May 2024: Tabreed, the world’s leading district cooling company, has transformed one of its major UAE facilities into a masterpiece of street art. The company’s Al Maryah Island plant supplies an impressive roster of clients, such as Cleveland Clinic, Rosewood Abu Dhabi, Four Seasons, Galleria Mall and Abu Dhabi Global Market, with essential district cooling services.Tabreed’s executive management team suggested the plant would make an ideal ‘canvas’ for a new artwork, the likes of which Abu Dhabi has been building an enviable global reputation for in recent years, and the company’s Strategic Communications department quickly engaged with several local artists. Design proposals were sought, resulting in the renowned, self-taught Emirati artist, Saggaf Alhashmi, being chosen for his stunning ‘3D’concept featuring two of the UAE’s most famous residents: the Arabian Oryx and Arabian Sand Gazelle.“The result is, I’m sure everyone will agree, extraordinary,” said Tabreed’s Chairman, Khaled Al Qubaisi. “We have transformed what was previously an unremarkable, utilitarian building into a thing of profound beauty, which will bring joy to residents and visitors for many years to come. Saggaf’s concept has been faithfully transferred to surfaces that are functional and designed to aid in the district cooling process, which was a Herculean challenge for everyone involved but the efforts have been well worth it.”Describing his creative process, Alhashmi said he was inspired by the island itself: “Al Maryah is named after a famous oasis region in Abu Dhabi, Al Mariyah, which in turn is named after the species of Arabian deer which live there. It struck me that we could use the mural to bring the Al Mariyah deer to Al Maryah Island, celebrating the link between the life-giving oasis and the way that Tabreed uses air and water to cool the island today.”Work was completed ahead of schedule on 20 April, carried out by six different artists using three boom cranes at a height of 35 metres above ground for access to the 7,140 louvred panels being painted. By the time the area had been cleaned, prepared and painted, a total 7.2 sq. km had been worked on. Fifty-two different colours were used to recreate Alhashmi’s vision, with more than 4,800 litres of paint applied over a period of 47 working days.“Tabreed,” concluded Al Qubaisi, “has a well-deserved reputation for environmental protection through its sustainability-led energy efficiencies, preventing millions of tons of carbon emissions. Yet there is more to environmentalism than mitigating climate change and improving air quality – architecture and urban design is important to our quality of life, too. And, as Tabreed’s Chairman, I am proud to see the company setting itself apart from its competitors, embracing change, accepting challenges and overcoming them to retain its position as the world’s leader in district cooling.”

Consumption volumes for Tabreed’s cooling services growing organically by 9% year-on-yearAbu Dhabi, United Arab Emirates – 14 May 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the first three months of 2024, recording consumption volume increases year-on-year of 9%, driven by new connections attributing to organic growth recorded during the past year. The company reported a net profit before tax of AED 122 million, representing an increase of 4% compared to AED 117 million (adjusted for one-off gains and losses) reported during the same period last year.During Q1 2024, Tabreed’s topline and earnings before interest, taxes, depreciation and amortisation (EBITDA) continued to climb, with a healthy rate compared to Q1 2023. Reaffirming the company’s solid financial management and profit generation capability, Tabreed’s EBITDA margin was 58%, compared to 57% in the first quarter of 2023, with topline group revenue of AED 468m for the first quarter of 2024.Tabreed’s adept management of working capital has enabled it to achieve a cash conversion rate of 90%, demonstrating efficiency in the running of its operations. A clear demonstration of this relentless pursuit for operational excellence was the successful completion of the third phase of the ‘Tasheel’ initiative, an extensive programme to retrofit chillers with Variable Frequency Drives (VFDs), significantly enhancing energy efficiency while playing a pivotal role in efforts to decarbonise cooling provided to clients.The company’s commitment to sound financial practice is also evident in its reduced debt levels – leading to healthier leverage ratios – showcasing a net debt to EBITDA ratio of 3.97x as at the end of the first quarter of 2024. Following the first quarter end, Tabreed successfully concluded a tender offer for the repurchase of certain of its outstanding USD 500 million sukuk due in 2025. Including sukuk purchased prior to the tender offer, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of its outstanding sukuk due in 2025. The buyback is part of Tabreed’s active management of its debt profile to optimise its cost of funding and further strengthen its balance sheet.Financial highlights – three months ended 31 March 2024: Group revenue increased to AED 468 million (Q1 2023: AED 464 million)EBITDA increased to AED 272 million (Q1 2023: AED 268 million)Normalised net profit before tax increased by 4% to AED 122 million (Q1 2023: AED 117 million)Net profit after tax is AED 112 million (Q1 2023: AED 236 million including one-off gains)Operational highlights – three months ended 31 March 2024:      Tabreed’s consumption volumes increased by 9% year-on-yearTotal connected capacity reached 1.305 million Refrigeration Tons (RT)1,710 Refrigeration Tons (RT) of new customer connections added, mostly in the UAECommenting on the Q1 2024 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said:“I am particularly pleased to share details of the growth delivered by Tabreed across key financial and operational metrics, showcasing our commitment to delivering value to our investors. This upward trajectory is a testament to our strategic initiatives and highlights the company’s resilient performance.“Our strategic initiatives, both locally and internationally, are geared towards ensuring we maintain our positive momentum in the medium term. We are confident in our ability to continue leading the way in sustainable cooling, creating value for our shareholders and positively contributing to the communities, businesses and industries we serve.”

Annual General Assembly also confirms new appointment to Board of DirectorsAbu Dhabi, United Arab Emirates – 20 March 2024: Tabreed, the UAE’s leading international district cooling company, yesterday held its Annual General Assembly (AGA), during which shareholders approved a record high dividend payment of 15.5 fils per share, paid fully in cash. As disclosed in the company’s recent full-year results for 2023, this represents an increase of 15% over the previous year and recognises Tabreed’s strong financial performance. During 2023, Tabreed reported a growth of 9% in revenue and an increase of 25% in net profit before tax to parent.Tabreed’s AGA was chaired by the company’s Chairman, Khaled Abdullah Al Qubaisi, and during the meeting shareholders confirmed the appointment of two new board members: Geert Bunkens and Marion Deridder Blondel.Commenting on Tabreed’s record-setting 2023, Al Qubaisi said that the confirmed dividend payments demonstrate the company’s approach to growth is the right one. “Our shareholders are a top priority for Tabreed and the business has a stellar reputation for delivering consistently excellent returns for our investors. We have just enjoyed another remarkable year and our name as a torchbearer for sustainability is growing, with Tabreed playing a decisive role in steering the conversation about global cooling during COP28.“The simple fact is, that Tabreed’s steady growth is not just good for business but good for the planet. Our experience, stretching back more than quarter of a century, is unrivalled. As more countries turn their attention to ever increasing demands for cooling, realising too that they must act to mitigate climate change, district cooling is an obvious and well-established solution. And nobody does it better than Tabreed, which is why we are now gearing up for further international expansion.”Last year Tabreed added 53,000 refrigeration tons [RT] of new connections across its portfolio, which also grew with the addition of six new plants. The company now operates in six different countries, including India, and sees enormous potential to increase market share over the coming months and years. Also investing heavily in renewable energy and setting new standards in decarbonisation, Tabreed undoubtedly remains the world’s leader in district cooling.