National Central Cooling Company PJSC ‘Tabreed’, the Abu Dhabi-based utility company released its third quarter 2009 consolidated financial results today. For the nine months ending 30 September  2009, total revenue increased by 15 per cent compared to the same period in 2008. Before certain non-cash finance costs associated with the Company’s 2011 Mandatory Convertible Sukuk, consolidated profit increased by 14 per cent over the same period.The increase in total revenues and profits largely reflected additional chilled water billed capacity coming on stream and strong growth in contracting revenues associated with piping networks under construction. After non-cash finance costs associated with the Mandatory Convertible Sukuk, reported consolidated profit for the nine months ending 30 September 2009 fell by 4 per cent over the same period in 2008.Financial Highlights – Nine-months ending 30 September 2009:Total revenue increased by 15 per cent to AED 570.7 million, compared to AED 498.3 million  in the same period in 2008Gross profit increased by 9 per cent to AED 260.1 million compared to AED 238.0 million in 2008Due to non-cash finance costs (marked to market) associated with the 2011 Convertible Sukuk, reported net profit fell by 4 per cent to AED 70.9 million compared to AED 74 million in the corresponding period of 2008Chilled water revenue for the period was AED 258.5 million, a 27 per cent increase over the same period in 2008.Basic and diluted earnings per share were stable at AED 0.03 per share Sujit S. Parhar, Tabreed CEO commented:“The strong results today demonstrate the integral role that Tabreed plays with the growth of Abu Dhabi. We have been extremely busy this quarter building new plants to add to our portfolio of assets, and brought two new plants on-stream in the third quarter including Yas Island in time for the November Abu Dhabi Formula One Grand Prix. We have also been making progress on improving our operational efficiencies for existing operations. Our priority continues to be reducing our costs and corporate overheads and improving our operational efficiencies so that we can continue to meet the region’s infrastructure needs.”Steve Ridlington, Tabreed CFO added:“We are pleased that despite the continuing difficult economic climate, Tabreed has been able to improve its year-on-year results. The additional capacity added this quarter from two new district cooling plants and the 16 plants currently under construction will deliver long term and stable revenues for Tabreed’s future. 2009 has been a difficult year for Tabreed, but our focus will remain on delivering better returns for our shareholders.”Corporate Highlights:Following a number of appointments to its senior management team during the second quarter 2009, Tabreed appointed a Chief Audit and Risk Officer during the third quarter 2009. This appointment is based on the Board of Directors’ mandate for best-practice in governance, internal audit and risk management.During the third quarter 2009 Tabreed had 16 plants under construction, and expects 9 due for completion by the end of 2009. Two new district cooling plants (Yas Island Plant 1 and T-7, serving the military) commenced commissioning during the third quarter 2009, which will add  43,000 tons of cooling capacity to Tabreed’s business.As of 30 September 2009, Tabreed’s total installed cooling capacity is 395,100 tons across 36 district cooling plants.

National Central Cooling Company PJSC, ‘Tabreed’ the Abu Dhabi-based utility company released its second quarter 2009 consolidated financial results today. For the six months ending 30 June 2009, total revenue increased by 22 per cent and gross income increased by 12 per cent. Before certain non-cash finance costs associated with the company’s 2011 Convertible Sukuk, consolidated net income increased by 12 per cent over the same period in line with gross income.The increase in gross income was largely due to an increase in billing capacity while delivering improvements in plant efficiency. After the mark-to-market non-cash finance costs, reported consolidated net income fell by 4 per cent over the same period in 2008.Financial Highlights – Six-months ending 30 June 2009:Total revenue increased by 22 per cent to AED 373.8 million, compared to AED 307.6 million  in the same period in 2008Gross income increased by 12 per cent to AED 170.9 million compared to AED 152.5 million in 2008Net income increased by 12 per cent to AED 57.6 million compared to AED 51.4 million in the same period in 2008Due to a non-cash finance costs (mark-to-market) associated with the 2011 Convertible Sukuk, reported net income fell by 4 per cent to AED 47.4 million compared to AED 49.5 million in the corresponding period of 2008Chilled water revenue for the period was AED 148.2 million, a 21 per cent increase over the same period in 2008. This is attributable to an increase in chilled water sales as new plants came on stream and as seasonal demand increased. Total sales increased by 21,725 tons (10.3 per cent) compared to the first half of 2008Basic and diluted earnings per share were stable at AED 0.02 per shareSujit S. Parhar, Tabreed CEO commented:“During the first six months of 2009 there have been a number of significant management, operational and process changes at Tabreed.  In particular, a strong emphasis is being placed on increasing operational efficiencies to enhance the yield that we derive from the assets we’ve invested in over the last 11 years.  These changes reflect the mandate of the Board of Directors to better align Tabreed’s business strategy with the infrastructure demands of Abu Dhabi. However it is important that the business continues to deliver solid results through this transitionary period.I believe the results we have just announced demonstrate the strong fundamentals of our business and the commitment of all of our employees to improve performance. The changes that we are implementing are not yet fully in place but I am confident that once complete, they will position the company to continue to improve performance and deliver on the expectations of our shareholders.”Steve Ridlington, Tabreed CFO added:“Given the difficult economic climate of 2009, Tabreed’s first half results, which show a 22 per cent increase in revenues and a 12 per cent increase in underlying net income compared to last year, represent a significant achievement. We are particularly pleased about the improving results from our chilled water business as new capacity comes on stream. This will deliver long term and stable revenues for the company’s future.However, the remainder of 2009 will be challenging for Tabreed reflecting the continuing difficult trading conditions. Our focus must continue to be on the fundamentals – safeguarding our customer base, delivering the pipeline of new projects, and securing long-term financing to enable us to meet the region’s infrastructure demands.”Finance:During the first half of 2009 Tabreed was successful in securing an AED 368 million Ijara financing from Abu Dhabi Commercial Bank and renewing an AED 147 million facility with BNP. In early July 2009 the company secured a new AED 750 million facility with First Gulf Bank. The first tranche of this loan was drawn in July.Corporate Highlights:During the second quarter 2009 Tabreed made a number of changes to its senior management team including the appointment of Sujit S. Parhar as CEO in May 2009, Steve Ridlington as CFO in April 2009 and the appointment of a new Projects Director, HR Director, Corporate Communications Director, and IT Director.Three new district cooling plants online came online during the period, adding 16,595 tons of new cooling capacity from the following projects:UAE University, Al Ain, 2,877 TRAl Khoor Towers, Abu Dhabi, 7,418 TRAldar, Abu Dhabi, 6,300 TRTabreed had 17 district cooling plants under construction during the second quarter of 2009 including six in Abu Dhabi, 10 in Dubai, and one in Fujairah. Highlights of construction progress the company made during the period include:Yas Island Plant 1, commissioned in July 2009Tabreed 7, serving the military, to be commissioned in August 2009Tabreed 8, serving the military, to be commissioned in October 2009Dubai Metro, six plants to come online later this yearAs of 30 June 2009, Tabreed’s total installed cooling capacity is 353,000 tons across 34 district cooling plants.The company expects nine further plants to come on stream in the remainder of 2009.

National Central Cooling Company secures AED 1100 million in regional financing for 2009.National Central Cooling Company PJSC, ‘Tabreed’ the Abu-Dhabi based utility company announced today that it has secured a two-year AED 750 million loan facility from First Gulf Bank (FGB). Today’s announcement follows the signing of an AED 368 million ijara financing for Tabreed from Abu Dhabi Commercial Bank (ADCB) in March of this year.The AED 750 million loan from FGB will be used to fund the Company’s 2009 capital expenditure. The March AED 368 million ijara financing from ADCB was used for the full-repayment of Tabreed’s five-year USD $100 million Sukuk, launched in 2005.Commenting on both loan facilities, Sujit S. Parhar, Tabreed CEO said, “Since financing is the cornerstone of a utility company’s business plan, we are pleased to have the support from the region’s financial markets. Such support is important as Tabreed moves to the next stage of its growth.”“We have a significant capital expenditure programme plan for 2009 with major projects such as the Dubai Metro, Yas Island, and our joint ventures with Aldar and Sorouh, underway, and these financing agreements are important to the delivery of these projects.”Tabreed CFO Steve Ridlington added, “Given the current condition of the financial markets, it is significant that Tabreed has demonstrated its ability to secure regional financing, which is testament to our robust expansion plans and the increasing importance of district cooling for regional growth and infrastructure investment ambitions.”“Whilst our business model requires significant upfront expenditure it also offers long-term, stable and sustainable returns. Tabreed has proven its ability to access the capital markets in even the most challenged conditions in a timely and sizeable manner.”Over the past 12 months Tabreed has completed 10 district cooling plants, with 9 expected to come on-stream in the next three months adding an additional 229,000 tons of capacity. Tabreed operates 34 plants with total installed capacity of more than 400,000 tons.

National Central Cooling Company’s Q1 consolidated financial results indicate a 29 per cent increase in consolidated net incomeNational Central Cooling Company PJSC (ticker symbol: Tabreed), ‘Tabreed’ the Abu-Dhabi based utility company released its unaudited first quarter 2009 consolidated financial results today. The results showed a 29 per cent rise in consolidated net income compared to the same period in 2008. This increase reflected a strong rise in gross revenues particularly within Tabreed’s manufacturing business, in part offset by higher costs associated with higher sales volumes.Other highlights from the first quarter include:16 district cooling plants are under construction4 New district cooling contracts signed that will supply a combined total of 9,905 tonnes of new cooling capacity per yearNew Chief Executive Officer appointed: Sujit S. ParharNew Chief Financial Officer appointed: Steve RidlingtonCommenting on the results, Khadem Al Qubaisi, Tabreed Chairman said:“Over the past 10 years Tabreed has become an integral part of the Abu Dhabi growth engine. The fact that we have 33 operating district cooling plants generating revenue for the company and a further seven expected to come online in Abu Dhabi this year demonstrate the long-term sustainable growth of Tabreed.”Sujit S. Parhar, Tabreed CEO added:“Despite the current economic climate and the cautious outlook for 2009, we are pleased that our first-quarter results demonstrate year-on-year growth for Tabreed. Our focus on delivering long-term returns for our shareholders is evident by the strong results announced today.”

National Central Cooling Company PJSC (ticker symbol: Tabreed) ‘Tabreed’, the Abu-Dhabi based utility company announced today that it has appointed Sujit S. Parhar to the position of Chief Executive Officer.Commenting on the appointment, Tabreed Chairman Khadem Abdulla Al Qubaisi says: “As a key infrastructure partner to the growth of Abu Dhabi, Tabreed faces a tremendous opportunity for continued growth in the region. This appointment marks the Board of Directors’ commitment to building a strong management team towards growing a stable and long-term regional utility business.“Sujit” brings extensive experience from the utilities and infrastructure sectors in Singapore, and a track-record of delivering best-practice management for listed companies. We are delighted to have appointed Sujit to the role of CEO and the experience he brings to the company.”Prior to joining Tabreed Sujit worked for SembCorp Industries – a Singapore-based utilities company where he was Senior Vice President and Head of Regional Business Development.Commenting on his appointment, Sujit S. Parhar says: “This is an exciting time to be joining Tabreed. District cooling is an essential utility for the delivery of the Abu Dhabi 2030 Plan and Tabreed is committed to playing a vital role in the Emirate’s growth. This year we expect to deliver an additional seven new plants in Abu Dhabi alone.”The appointment is effective immediately. Karl Marietta will assume a new role with Tabreed as a consultant to the executive management team.Tabreed currently has 19 district cooling plants under construction across the Middle East, with 16 new plants expected to come online in 2009.

National Central Cooling Company Adds New CFO To Executive Management TeamNational Central Cooling Company PJSC (ticker symbol: Tabreed)‘Tabreed’, the Abu-Dhabi based utility company announced today that it has appointed Steve Ridlington to the position of Chief Financial Officer. Steve brings more than twenty years experience with BP in fundraising and global finance to Tabreed.Commenting on the appointment, Tabreed Managing Director Khaled Al Qubaisi says:“Steve brings best-in-class managerial expertise to Tabreed and will complement the company’s already strong finance function. His global finance experience will be an asset to Tabreed’s management and the company’s growth in the region. ”Steve joins Tabreed from TNK-BP in Moscow where he was VP Treasury and Deputy CFO.The appointment is effective immediately, and follows the release of Tabreed’s 2008 consolidated financial statements that reported strong performance across all four business sectors of Services, Chilled Water, Contracting and Manufacturing. For 2008, Tabreed reported a 30 per cent increase in revenues and a 26 per cent increase in gross profit over 2007.Tabreed currently has 19 district cooling plants under construction across the Middle East, with 16 new plants expected to come online in 2009.

National Central Cooling Company’s 2008 Un-audited Preliminary Financial Results are its Strongest to DateNational Central Cooling Company PJSC (ticker symbol: Tabreed), ‘Tabreed’ the Abu-Dhabi based utility company released its un-audited preliminary financial results for 2008 today. The results revealed the district cooling company’s strongest revenues and gross profit since the company was started in 1998.Financial Highlights:Results were driven by strong performance across all four core businesses of Services, Chilled Water, Contracting and Manufacturing2008 Revenues:  AED 734 million, an increase of 30% over 20072008 Gross Profit:  AED 319 million, an increase of 26% over 2007Operational Highlights:16 new cooling plants came online in 2008, adding 348,000 tonnes of cooling capacity, bringing the total district cooling plants in operation to 3121 cooling plants were under construction in 2008, with 19 expected to come online in 2009 adding a further 161,300 tonnes of cooling capacitySince releasing its first financial results in 1999, Tabreed has consistently increased revenues and gross profit every year. For 2008, annual revenues were AED 734 million, an increase of 30% over 2007. Gross profit for 2008 was AED 319 million, an increase of 26% over 2007. The company’s net profit was unfavourably affected by a non-cash finance cost of AED 12.2 million attributed to a derivative liability arising from a convertible bond. Without this non-cash finance cost, net profit for 2008 would have increased by 19% over the previous year.Commenting on the results, Khadem Al Qubaisi, Tabreed Chairman said, “In our ten years of operation, we have built our district cooling business on delivering a stable and consistent return to our shareholders within an environmentally-sustainable approach. In the current financial environment, we are pleased with today’s results and the long-term stability of our utility company business model. ”Khaled Al Qubaisi, Tabreed Managing Director added, “With the increasing demand for cooling in the Middle East, Tabreed is committed to the growth of Abu Dhabi and the region. Our strong performance in 2008 combined with the operational milestones expected for 2009 mean that Tabreed will continue to be a key player in the region’s long-term sustainable infrastructure growth.”The above results are the un-audited preliminary results, thus are subject to changes that may be caused from the final determination of certain accounting estimates

Tabreed announced today that its Board of Directors has appointed Khaled Al Qubaisi to the role of Tabreed Managing Director. Mr. Al Qubaisi will be based in Tabreed’s Abu Dhabi offices, with the appointment taking effect immediately.Mr. Al Qubaisi joined the Tabreed Board of Directors in March 2008, and as Managing Director will focus on strengthening and supporting Tabreed’s executive management team.Karl Marietta remains as Tabreed CEO to continue to focus on the day to day management of Tabreed.