Tabreed Announces its 9M 2023 Results, with a 10% Rise in Revenue to AED 1.8 Billion

calendar_month November 15, 2023

On track to add 120,000 RT capacity over FY 2023-24, supported by new projects and new connections across existing concessions
Tabreed reports 9% year-on-year growth in consumption volumes
Tabreed maintains ‘Investment Grade’ credit rating from Moody’s & Fitch, demonstrating prudent cash flow management and solid financial position

Abu Dhabi, United Arab Emirates – 15 November 2023: Tabreed, the world’s leading district cooling company, today reported its financial results for the nine-month period ending 30 September 2023. During the first nine months of the year, Tabreed sustained positive momentum, recording a robust top line of AED 1.8 billion, a 10% increase year-on-year, compared to AED 1.7 billion in the same period last year. Attributed to this success is the steady growth Tabreed achieved in its consumption volumes (9% year-on-year) driven by new connections and higher demand from existing customers.

During the first nine months of 2023, Tabreed delivered an additional 41,319 Refrigeration Tons (RT) across its portfolio, having commissioned the all-new SeaWorld Abu Dhabi plant in the UAE, two new plants in the Kingdom of Saudi Arabia, and completed an acquisition of a plant from Tata Realty in India, bringing Tabreed’s tally to 89 plants and a total connected capacity to more than 1.3 million RT.

Reflecting its commitment to driving efficiencies across its operations, Tabreed’s Gross Profit increased by 3% year-on-year in the nine-month period to AED 804 million, from AED 781 in 9M 2022, while EBITDA reached AED 914 million (AED 912 million in 9M 2022) with healthy EBITDA margin of 50%. This is further mirrored in efficient working capital management marked by a 11% year-on-year increase in Net Cash from Operating Activities (AED 959 million in 9M 2023 versus AED 866 million in 9M 2022). Tabreed’s balance sheet reflected further strength underscored by an improved Net Debt/EBITDA ratio of 4.18x (4.49x as end of FY 2022). Strong cash flow generation and prudent financial management has enabled the company to maintain an ‘Investment Grade’ credit rating with Moody’s & Fitch.

Driven by revenue growth, healthy EBITDA, and lower net finance costs, the Group reported a Net Profit Before Tax attributable to parent of AED 605 million in 9M 2023 compared to AED 400 million in 9M 2022. Adjusting for one-off items (including non-cash deferred tax liability of AED 359 million recognised in the current period), Normalised Net Profit was AED 442 million for the first nine months of 2023, a 14% increase compared to AED 388 million in 9M 2022. On an absolute basis, Tabreed reported a Net Profit of AED 285 million for the nine months ending 30 September 2023.

Financial highlights – nine months ended 30 September 2023:

Group revenue increased by 10% to AED 1.8 billion (9M 2022: AED 1.7 billion)
EBITDA increased to AED 914 million (9M 2022: AED 912 million)
Profit from Operation increased by 3% to AED 611 million (9M 2022: AED 590 million)
Net Profit Before Tax attributable to parent is AED 605 million (9M 2022: AED 400 million)

Operational highlights – nine months ended 30 September 2023:

Total connected capacity exceeded 1.30 million Refrigeration Tons (RT)
41,319 Refrigeration Tons (RT) of new customer connections added, with load additions of 24,165 RT in the UAE, 14,163 RT in KSA, 1,085 RT in Bahrain, 1,000 RT in India and 906 RT in Oman
Tabreed achieved a record 19.2 million hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Commenting on the results, Khaled Al Qubaisi, Tabreed’s Chairman, said: “I am delighted to report further top-line growth over the period driven by organic customer growth and market expansion. Tabreed continued to capitalise on its regional presence, growing rapidly and strategically across its core markets, domestically in the United Arab Emirates 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. 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.”

As well as commencing operations with the bespoke SeaWorld Abu Dhabi plant during the first nine months of 2023, Tabreed was named as preferred bidder for the grant of a long-term District Cooling Concession by the Hyderabad Pharma City master plan in India by Telangana State Industrial Infrastructure Corporation (TSIIC) Limited. Phase 1 of the project will be for the construction of district cooling facilities of 2,500 RT, with an approximate project cost of AED 36.2 million. The total concession capacity of the project will be 125,000 RT, which will be implemented in various phases in accordance with the progress of the master development and corresponding increase in cooling demand.

Additionally in the third quarter of 2023, Saudi Tabreed was awarded a long-term District Cooling Concession for the King Salman Park project. Phase 1 of the King Salman Park project will be for 20,000 RT, with an estimated value of SAR 200 million (circa AED 200 million), with the total capacity rising to 60,000 RT on completion of construction.

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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.

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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.

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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.

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calendar_month May 15, 2026

Tabreed Reports Q1 2026 Revenue of AED 486 Million, Strong Cash Generation and Continued Capacity Expansion

Connected capacity increased 18% YoY to 1.57 million Refrigeration TonsRevenue increased 4% YoY, supported by 9% YoY growth in consumption volumesAbu Dhabi, United Arab Emirates – 14 May 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced its results for the three-month period ended 31 March 2026, reporting revenue of AED 486 million and net profit of AED 78 million. The Company delivered resilient operational performance and strong cash generation during the quarter, underpinned by its long-term contracted business model, with capacity charges as the key profitability driver.Total connected capacity increased 18% year-on-year to 1.57 million Refrigeration Tons (RT), demonstrating execution against Tabreed’s expansion strategy and underpinning highly visible revenue profile. Growth in connected capacity primarily reflects the contribution from the PAL acquisition completed in Q4 2025, alongside organic expansion of 54.6k RT over the past 12 months. Excluding the impact of acquisition, connected capacity grew 4.1% year-on-year.Capacity additions in Q1 remained consistent with the construction phasing of customers’ projects. Consolidated consumption volumes increased 9% year-on-year to 338 million Refrigeration Ton Hours (RTh), reflecting both portfolio expansion and more normalised weather pattern compared to an unusually mild prior-year period.Group revenue grew 4% year-on-year to AED 486 million, demonstrating the resilience provided by fixed capacity charges and stable demand fundamentals. EBITDA increased 1% year-on-year to AED 285 million, with a margin of ~59%, maintaining a consistently high margin profile that reflects operational efficiency and scale benefits.Cash flow generation remained robust during the quarter, supported by improved collections and the strength of Tabreed’s revenue model, reinforcing high cash conversion and the credit quality of its customer base.Net profit for the period stood at AED 78 million, reflecting higher finance costs associated with the Company’s ongoing investment cycle and refinancing activities in 2025, as well as the timing of earnings contribution from recent acquisition. These impacts are temporary in nature and expected to normalise as new capacity ramps up.Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed has started 2026 with a resilient performance, underpinned by the strength of our concession-backed business model, a diversified portfolio, and high revenue visibility. As demand for energy-efficient infrastructure accelerates, district cooling continues to play a critical role in sustainable urban development. Building on our progress in 2025, we are advancing our growth pipeline, integrating recent acquisition, and delivering new capacity to support long-term expansion. While our results reflect an ongoing investment cycle, our focus remains on disciplined execution, strong cash flow generation, and maintaining the operational reliability and financial prudence that define Tabreed.”Financial and Operational ResilienceTabreed’s balance sheet remains healthy, with its investment-grade credit rating reaffirmed by Moody’s at Baa3 with a stable outlook. Net debt to EBITDA improved to 4.5x as at 31 March 2026, reflecting disciplined capital management and balance sheet strength even during a period of active investment.The Company maintains a robust liquidity position, with cash balances increasing 15% year-todate to AED 756 million. This reflects the continued stability of Tabreed’s underlying cash flow model.Tabreed also has access to an undrawn Green Revolving Credit Facility of AED 1.2 billion and no near-term debt maturities.During Q1 2026, the company maintained stable performance, underpinned by resilient operations and robust business continuity management protocols. Tabreed’s operational resilience in the face of unforeseen challenges enabled uninterrupted service delivery and steady progress across projects. This consistent focus on operational excellence reinforces Tabreed’s position as a dependable and essential utilities provider across the region.Dividend and OutlookShareholders approved a final dividend of 6.5 fils per share for H2 2025 at the Annual General Assembly held on 25 March 2026, bringing the full-year dividend to 13.0 fils per share. The final dividend was paid in April 2026. The Company’s consistent increase in dividend payout ratio, reaching 79% of net profit in 2025, reflects the Board’s commitment to delivering attractive shareholder returns while continuing to invest in long-term infrastructure growth.Looking ahead, Tabreed remains well positioned to deliver sustainable growth, supported by a solid pipeline of projects in its core market of the UAE. The Company is well placed to deliver continued capacity expansion, steady revenue growth and high EBITDA margin driven by its secured pipeline and innovation-driven operating model. Tabreed will continue to focus on operational excellence, value-accretive capital allocation, and advancing its sustainability agenda, reinforcing its role as a critical infrastructure provider in the region’s energy transition.

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