Tabreed issues second quarter 2010 consolidated financial results chilled water business drives strong profit growth.

calendar_month August 12, 2010

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, today released its second quarter consolidated financial results. For the six months ended 30 June 2010, total revenue increased by 16 per cent to AED 432.3 million and net profit increased by 83 per cent to AED 86.8 million over the same period in 2009. Excluding minority interests, Tabreed’s share of profits was AED 80.7 million compared to AED 30.1 million in the previous year. The results were driven by strong growth in the Company’s core business of chilled water as new plants and customers came online.
Financial Highlights – Six months ended 30 June 2010

Total revenue increased by 16 per cent to AED 432.3 million, compared to AED 373.8 million in the same period in 2009
Gross profit increased by 16 per cent to AED 197.5 million, compared to AED 170.9 million in the same period in 2009
Net profit increased by 83 per cent to AED 86.8 million, compared to AED 47.4 million in the same period in 2009 reflecting certain non-cash finance gains associated with the Company’s 2008 Convertible Sukuk
Excluding these non-cash finance gains net profits increased by 3%
Chilled water revenue for the period was AED 285.3 million, a 94 per cent increase over the same period in 2009. This is attributable to an increase in chilled water sales as new plants and customers came online
Basic and diluted earnings per share doubled to AED 0.04 per share

Sujit S. Parhar, Tabreed’s CEO, said:
“Tabreed’s focus on business fundamentals and the ongoing recapitalization program is repositioning the Company for growth. Our strategy has been to focus on the core business of chilled water, and these robust first half results reflect growth in the Company’s chilled water business and improved operational efficiencies. Going forward, these factors, combined with a diversified customer base, long-term contracts, a stable cost structure and strengthened corporate governance, will provide the foundation for continued growth.”

Khaled Al Qubaisi, Tabreed’s Managing Director said:
“The results of the first six months of 2010 demonstrate the hard work of everyone at Tabreed, and the improvements made by the management team under the direction and supervision of the Board. We will continue to build the platform to achieve the Company’s objectives of improving performance, increasing profitability and maximizing returns. Completing our recapitalization program will give Tabreed the right balance sheet for growth, and today’s announcement towards the capital reduction is an important step in this process. Tabreed remains a pioneer within the district cooling industry, able to offer bespoke solutions to the often complex cooling requirements of our customers.”

Second Quarter 2010 Highlights:
Following the addition of four new plants in the first quarter of 2010, a further four plants with a combined capacity of 27,525 TR were added in the second quarter 2010. This brings Tabreed’s total installed cooling capacity to 449,625 (gross) TR across 44 plants, compared with 34 plants and a cooling capacity of 352,100 TR a year ago. The four plants added in the second quarter were:

Al Kifaf – 10,000 TR
Rashidiya – 7,500 TR
Jebel Ali – Jumeirah – 5,626 TR
Jebel Ali Industrial – 4,000 TR

A further 8 plants are under construction along with 2 planned expansions, of which 5 plants and 1 expansion are expected to come online in 2010. The capacity addition for 2010 is estimated at 148,300 (gross) TR.

Chilled Water
Tabreed’s core business of chilled water produced revenues of AED 285.3 million, compared to AED 147.2 million in the same period in 2009. This performance was driven by new plants and new customers coming online. Gross profit increased to AED 130.1 million from AED 75.6 in the same period the year before.

Contracting
The Company’s contracting segment recorded revenues of AED 104.7 million, compared to AED 93.7 million over the same period in 2009, with gross profit of AED 22.7 million compared to AED 14.6 million in the first six months of the previous year. Tabreed’s wholly owned subsidiary, Gulf Energy Systems, was the biggest contributor to the results reflecting further progress with the Sowwah Island and Shams projects.

Manufacturing
Tabreed’s manufacturing segment reported revenues of AED 41.5 million compared to AED 116.7 million in the same period in 2009, while gross profit fell to AED 13.2 million compared to AED 41.9 million in H1 2009. This decline was due to reducing order books at Tabreed’s 60 per cent owned subsidiary, Emirates Pre-insulated Pipes Industries.

Services
Tabreed’s services segment, which is involved in the design and supervision of building electrical and mechanical works, reported revenues of AED 38.5 million compared to AED 45.4 million in the same period in 2009, while gross profit fell to AED 32.6 million compared to AED 40.1 million in the first half of 2009. The change reflects the regional real estate slowdown that affected the services division, which includes Ian Banham & Associates, l2l and Cooltech.

Update on Recapitalization Program:
Since Tabreed’s shareholders approved a recapitalization program for Tabreed on 30th May 2010, the Company has continued to make progress on the program. Tabreed announced today its intention, subject to regulatory approval, to reduce the Company’s share capital through the cancellation of approximately 970,000,000 shares. The cancellation of shares will be on a pro-rata basis at a ratio of 5:1. Each shareholder will retain one share for every five shares it holds, and the remaining shares will be cancelled. The percentage holding in the Company of each shareholder will be the same after the capital reduction as before, subject only to minor adjustments as fractional shares will not be issued.

The proposed cancellation of shares through a capital reduction is a key component of Tabreed’s recapitalization program. Tabreed has submitted the capital reduction proposal to the Emirates Securities and Commodities Authority for approval and will provide further updates to shareholders in due course.

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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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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. 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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. 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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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calendar_month March 26, 2026

Tabreed’s Annual General Assembly Approves Dividend for FY 2025

Shareholders approve second-half cash dividend of 6.5 fils per share, bringing total annual dividend to 13.0 fils per shareShareholders also approve re-election of existing Board of Directors Chairman celebrates a transformative year of exceptional portfolio growthAbu Dhabi, United Arab Emirates – 26 March 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, yesterday held its Annual General Assembly (AGA). In recognition of the company’s resilient financial and operational performance throughout 2025, shareholders approved a second-half dividend payment of 6.5 fils per share, to be distributed fully in cash, resulting in a total 2025 dividend of 13.0 fils per share – a dividend yield of ~5.0% based on 25 March 2026 closing share price.This dividend demonstrates Tabreed’s commitment to delivering attractive returns while continuing to invest in high‑quality, long‑term opportunities. Despite significant M&A investments during 2025 the company’s dividend payout as a percentage of net profit increased to 79%, consistent with its strong track record.During the AGA, Tabreed also elected its board of directors for a three-year term in accordance with the regulations of Capital Market Authority (CMA), with the nine existing board members having been re-elected and endorsed by shareholders.The AGA was chaired by Tabreed’s Chairman, Dr Bakheet Al Katheeri. Following the meeting he said that, over the years, Tabreed has grown from a traditional utility provider into a future‑ready, resilient, and innovation‑driven infrastructure company, adding that “our long‑term contracts, strong customer base and solid financial position make Tabreed one of the most reliable infrastructure investments in the region.“In 2025, Tabreed delivered strong operational performance and advanced its long‑term growth strategy,” he said. “Our core business remains robust, with stable operations, healthy margins, and high asset availability. Connected capacity during 2025 reached 1.57 million RT, a 19% increase year‑on‑year driven by both organic growth and M&A. Excluding M&A, organic capacity growth was 4.4%, near the top of our guidance range.“Our balance sheet remains strong, and we continue to maintain investment‑grade metrics, which is a core priority, and Tabreed’s strong and visible growth pipeline gives us exceptional confidence in the future and reflects our commitment to sustainable value creation for our shareholders. Our strategy is disciplined and balanced: rewarding shareholders today while strengthening the company for tomorrow. We are well positioned to capitalise on the growth already secured through long-term concessions and new opportunities ahead of us.”

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