Full Year Results for 2023 show Tabreed to be in Excellent Position as it Targets Regional and International Expansion

calendar_month February 15, 2024

Abu Dhabi, United Arab Emirates – 14 February 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the year 2023, reporting a revenue of AED 2.4 billion – a 9% increase over 2022 – and a net profit attributable to parent, before deferred tax, of AED 751 million.

Tabreed’s balance sheet strengthened further, underscored by an improved net debt/EBITDA ratio of 4.11x (4.49x as end of FY 2022). Tabreed’s 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%, despite a high interest rate environment.

Throughout the year, Tabreed continued to maintain its strong cash flow profile, underpinned by long-term contracts, resilient margins and efficient working capital management. Net cash from operating activities totalled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8% 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, in recognition of the company’s strong financial performance throughout the year, robust cash generation and positive outlook, has

recommended a record high dividend payment of 15.5 fils per share in cash. This represents an increase of 15% over 2022 and reinforces Tabreed’s commitment to maximising value for its shareholders.

During 2023, with the enactment of UAE corporate tax law, there was a one-off, non-cash accounting impact due to recognising a deferred tax liability amounting to AED 359 million, resulting in a reported net profit of AED 431 million for the year.

Tabreed added 53k Refrigeration Tons (RT) of new connections in 2023, across its portfolio in the UAE and internationally. Expansion was driven largely by organic growth, through new connections in existing concession areas, as well as new ‘greenfield’ plants. Tabreed continued to strengthen its presence in its core markets of the UAE and GCC, with the addition of 31k RT in the UAE, 14k RT in Saudi Arabia, 3k RT in Bahrain and 1k RT in Oman.

Tabreed entered the India market during 2023, in a strategic alliance with TATA Realty and Infrastructure Limited, demonstrating its commitment to diversify and expand beyond the GCC’s geographical borders. While growing its presence in international markets, the company remained focused on optimising its existing portfolio to enhance returns, Tabreed’s total connected capacity increasing in 2023 to reach 1.303 million RT.

Tabreed enjoyed a remarkable 2023 on many levels, being the year of the company’s 25th Anniversary. Publicly engaged more than ever before, Tabreed exhibited at the second World Utilities Congress and was billed as exclusive ‘Cooling Partner’. During COP28 in December, the company took part as an exhibitor on Mubadala’s pavilion and C-Suite executives were active in high-level debates and panel discussions in both Green and Blue Zones, particularly as strategic partners of the United Nations Environment Programme (UNEP) and Cool Coalition. As COP28 drew to a close, Tabreed signed an AED 600 million Green Revolving Credit Facility under its green financing framework, to help meet future expansion requirements with speed and agility.

Fittingly, with 2023 being the UAE’s ‘Year of Sustainability’, Tabreed became signatories to the UAE’s Responsible Companies Pledge, the Abu Dhabi Sustainable Finance Declaration and the Global Cooling Pledge – each a clear commitment to assisting the UAE and other nations in reaching their individual Net-Zero targets through energy-efficient operations. Sustainability also became intrinsically linked to Tabreed with its brand-new Geothermal district cooling plant, developed in partnership with ADNOC in Masdar City, which uses renewable energy from deep underground to produce chilled water for use in a pre-existing network.

Two senior appointments were made to Tabreed’s Executive Management Team on 1 May 2023, with Nadia Bardawil assuming the role of Chief Legal Counsel and Philippe Coquelle joining as Chief Development Officer.

Financial highlights – 12 months ended 31 December 2023:

Group revenue increased by 9% to AED 2.4 billion (2022: AED 2.2 billion)
EBITDA at AED 1.2 billion remained resilient with healthy margin of 50% (2022: AED 1.2 billion)
Net profit before tax attributable to parent increased by 25% to AED 751.4 million (2022: AED 600.2 million)

Operational highlights – 12 months ended 31 December 2023:

Total connected capacity increased to 1.303 million Refrigeration Tons (RT)
53k RT of new customer connections added
Consumption volumes increased by 8% year-on-year

Environmental highlights – 12 months ended 31 December 2023:

2.52 billion kilowatt hours saved across the GCC – enough to power more than 143,000 homes every year
Prevented the release of 1.5 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 330,000 vehicles from the roads annually
Constructed and commissioned Middle East’s first renewable energy (geothermal) district cooling plant in partnership with ADNOC at Masdar City, Abu Dhabi

Following publication of the full 2023 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “This time last year I spoke about Tabreed’s carefully planned growth and taking our globally renowned expertise into new markets. We spent 2023 making good on that promise and now operate in six countries, including India, supplying sustainable cooling to our prestigious clients.

“This is just the beginning and, over the next few years, we will continue to capitalise on Tabreed’s unrivalled history and world-leading experience by aggressively, yet considerately, targeting opportunities for expansion. Opportunities that will provide healthy returns for our investors while benefiting the countries and communities in which we operate. International demand for our services is growing considerably and these results prove we are ready, willing and able to respond like no other company.”

Other

News

calendar_month September 11, 2026

Tabreed Announces Appointment of Dr Yousif Al Hammadi as Chief Executive Officer

Appointment follows a 12-year career at Tabreed spanning Projects, Business Development, Asset Management and executive leadershipDr Yousif brings more than two decades of experience across Tabreed, Mubadala, ADNOC and the Ministry of InteriorMarks first time a new CEO has been appointed from within the groupAbu Dhabi, United Arab Emirates – 11 September 2026: National Central Cooling Company PJSC (DFM: TABREED), the world’s leading and most diversified district cooling company, today announces the appointment of Dr Yousif Al Hammadi as its Chief Executive Officer.Since joining Tabreed in 2014, Dr Yousif has held senior roles across Projects and Business Development. In 2022, he joined the company’s Executive Management Team as Chief Asset Management Officer before being appointed Interim CEO in January 2026. During his 12 years at Tabreed, he has been integral in the company’s most significant transactions and growth initiatives, including the acquisition of the Downtown Dubai district cooling infrastructure, the acquisition of PAL Cooling and the Palm Jebel Ali concession.Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed is an essential part of the UAE’s utilities infrastructure and a key enabler of resilient cities. As demand for sustainable cooling continues to grow, leading the company requires strong expertise in the industry, strategic planning and asset management across diverse markets.“Dr Yousif is well positioned to lead the company through its next phase of growth, bringing together this breadth of experience with deep institutional knowledge of Tabreed and a proven ability to build trusted relationships with investors, partners and other key stakeholders.“His appointment also reflects our commitment to empowering UAE national talent and enabling high-performing individuals to progress into senior leadership roles. On behalf of the Board, I congratulate Dr Yousif and look forward to working with him and the Tabreed team as we pursue new opportunities and deliver long-term value for our shareholders and the communities we serve.”Commenting on his appointment as Chief Executive Officer, Dr Yousif Al Hammadi said: “I would like to thank the Board of Directors for their trust and confidence in appointing me to lead Tabreed as Chief Executive Officer. During my time at Tabreed I have developed a deep understanding of what drives performance at scale: disciplined execution, high-quality assets and sustained investment in capability and national talent. I now take on this role with a strong sense of responsibility and a clear vision to lead Tabreed into its next phase of growth and value creation.“Our recent portfolio expansion has created a stronger platform for growth, and our priority now is to translate that scale into sustainable commercial value. This means maximising the opportunities within our existing portfolio, realising the full potential of the strategic investments we have made and maintaining a disciplined, selective approach to future opportunities.”He added: “I will continue to pursue growth where it strengthens our market position, enhances returns and creates long-term value, while building on the operational excellence and trusted partnerships that have established Tabreed as the world’s leading district cooling company.”Prior to joining Tabreed he held leading positions at Mubadala, ADNOC and the Ministry of Interior, where he worked on major strategic and infrastructure initiatives supporting the UAE’s long-term development.Dr Yousif holds a Bachelor of Engineering (Honors) and Master of Business Administration (Distinction), as well as a Doctorate in Business Administration and Management (Honors).-ENDS-

Read More east

calendar_month August 11, 2026

Tabreed Delivers Resilient H1 2026 Performance with Strong Cash Generation and Continued Growth

Connected capacity increased 15% YoY to 1.58 million Refrigeration TonsRevenue increased to AED 1.13 billion, while net operating cash flows rose 40% YoY to AED 632 millionSecond consecutive year of declaring interim dividends, reflecting confidence in recurring cash flows and financial strengthAbu Dhabi, United Arab Emirates – 11 August 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, has today announced its financial and operational results for the six-month period ending 30 June 2026, reporting revenue of AED 1.13 billion and net profit of AED 192 million.Tabreed delivered revenue growth of 2% year-on-year during the first half of 2026, supported by fixed capacity charges, ongoing capacity expansion, and its diversified presence across the district cooling business value chain. The company’s operational performance remained resilient, enabling strong operating cash generation and healthy free cash flow conversion during the first half of the year, while further enhancing its balance sheet position.Operational GrowthConnected capacity increased by 15% year-on-year to 1.58 million Refrigeration Tons (RT) as of 30 June 2026, clearly demonstrating the strength of Tabreed’s long-term growth strategy, while the period also saw organic capacity increase by 4,500 RT following the completion of various projects. Cooling consumption volumes reached one billion refrigeration ton hours (RTh) during the first half of 2026, reflecting milder weather conditions compared to the same period in the previous year.Commenting on the results, Chairman of Tabreed, Dr Bakheet Al Katheeri, said: “Tabreed’s essential role in this nation’s utilities infrastructure remains unassailable. And the company’s operating performance during the first half of 2026 clearly demonstrates the continuing strength of its core business, as well as the vitality of district cooling within the markets we serve, bringing long term revenue visibility and sustainable returns for shareholders.“Our recent portfolio expansion, including the acquisition – with our partners CVC DIF – of Abu Dhabi’s PAL Cooling, as well as ongoing organic growth initiatives, demonstrates the wisdom of our disciplined approach to investing in high-quality infrastructure assets with long-term cash generation potential. As we continue to integrate these investments and pursue selective growth opportunities, we remain committed to prudent capital allocation and sustainable long-term value for our stakeholders. Tabreed continues to surpass itself, providing comfort to millions while conserving precious energy and other resources in its relentless pursuit of operational excellence.”Financial ResilienceIn H1 2026, Tabreed reported EBITDA at AED 615 million with a margin of 55%. Reported net profit of AED 192 million during the period reflected a more normalised expense base, higher financing costs following the 2025 refinancing at prevailing market rates, as well as additional interest expense associated with growth investment funded through acquisition-related debt.Net operating cash flows increased by 40% year-on-year to AED 632million and continue to support ongoing investment in growth opportunities, balance sheet optimisation and shareholder returns. As a result, Tabreed’s leverage (Net Debt to EBITDA) improved to 4.57x by the end of H1 2026 and the company continues to maintain its investment grade credit ratings with both Moody’s and Fitch.The companyenjoys a robust liquidity profile with a stable cash balance of AED 661 million (as of 30 June 2026) and continues to have access to an undrawn Green Revolving Credit Facility (RCF) of AED 1.2 billion with no near-term debt maturities.Interim Dividend Returns, Positive OutlookTabreed’s Board of Directors once again approved an interim cash dividend, following the first such payout during 2025. An amount of 5.0 fils per share was approvedfor H1 2026, representing a dividend payout ratio of 74% of net profit and reflecting the Board’s continued commitment to disciplined capital allocation, balancing healthy returns for shareholders with the financial flexibility required to invest in future growth opportunities.For the remainder of 2026, Tabreed remains focused on prudent execution amid a dynamic operating environment. While the execution timeline of certain customer projects continues to align with broader real estate market activity, Tabreed’s underlying pipeline remains healthy, with projects continuing to be actively managed in line with customer delivery schedules. With a strong pipeline of potential projects in the near term, the company will maintain its focus on its core UAE market, where Tabreed remains a reliable and essential player in the country’s critical infrastructure.

Read More east

calendar_month June 25, 2026

Tabreed Wins Two Awards at Global Banking & Markets Awards Middle East 2026

Tabreed has been recognised at the Global Banking & Markets Awards Middle East 2026, winning two awards that highlight the company’s sustainable finance credentials and continued growth.The company received Sustainable Loan Deal of the Year for its AED 1.8 billion dual-tranche green facility, as well as Acquisition Finance Deal of the Year for the AED 2.55 billion multi-tranche senior secured financing supporting the acquisition of PAL Cooling.The awards acknowledge standout transactions across the regional banking, capital markets, and finance industry, including deals that demonstrate innovation, strong execution, and market significance.This recognition reflects Tabreed’s continued focus on disciplined growth, sustainable infrastructure, and the development of efficient district cooling solutions that support the region’s long-term decarbonisation ambitions.

Read More east

calendar_month June 04, 2026

Tabreed Announces Appointment of Atef AlBreiki as its new Chief Asset Management Officer

Former Executive Vice President of Operations and Maintenance joins company’s Executive Management TeamAbu Dhabi, United Arab Emirates – 4 June 2026: Tabreed, the world’s leading district cooling company, today announces that its Board of Directors has appointed Atef Mohamed Awadh AlBreiki as its new Chief Asset Management Officer with immediate effect. As Chief Asset Management Officer, Atef will be responsible for maximising value creation of the company’s assets, through portfolio management and value-driven decision-making. He will lead the company's asset management strategy while working closely with internal and external stakeholders to support Tabreed's long-term objectives.Speaking of AlBreiki’s appointment, Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “During Atef’s eight years at Tabreed, he has proved time and again to be an exceptional and inspirational leader in a number of senior roles. He has consistently demonstrated a deep commitment to our people, our operations and our values. “Atef is exceptionally well placed to lead the Asset Management function as we continue to strengthen asset performance, maximise long-term value creation, and ensure the resilience of our portfolio. His appointment reflects the depth of talent and expertise within Tabreed and the value we place on developing future leaders across the business. Having worked closely with Atef over the years, I am confident that he will continue to develop this important function and build on the strong foundations already in place.”Atef’s most recent role was Executive Vice President – Operations & Maintenance, in which he drove the development and execution of revenue-impacting operational excellence, as well as the O&M strategies and solutions that have given Tabreed its competitive edge in recent years. He has amassed more than 20 years of progressive exposure in developing and driving organisational strategies and has a proven history of delivering business continuity and operational transformation.AlBreiki holds a Master of Business Administration and Management from the London Business School and a bachelor’s degree in Electronics Engineering Technology. He has also attended Executive Professional Development Programmes with internationally acclaimed institutions, such as Wharton University and Singularity University in Silicon Valley, California, USA.

Read More east