Tabreed Releases its Full 2021 Financial Results, with Increased Profits and Plans for a Sustainable Future

calendar_month February 15, 2022

One of UAE’s most resilient companies maintains robust operations, aims to expand portfolio

Abu Dhabi, United Arab Emirates – 15 February 2022: National Central Cooling Company PJSC (DFM: Tabreed), today released its consolidated financial results for 2021, reporting a net profit of AED 585.2 million – an increase of 6% compared to its 2020 performance. In addition, Tabreed’s Board of Directors is pleased to recommend a dividend of 12.0 fils per share, to be paid 50% in cash and 50% through a bonus share issue of 1 share for every 40 shares held. This dividend represents an increase on last year in line with the growth of the business, while retaining availability of growth capital within the business.

Throughout 2021, Tabreed continued to execute its long-term plans for sustainable growth. The company streamlined its operations while expanding within the UAE, adding new connections in its Downtown Dubai District Cooling Plant network and acquiring full ownership of Abu Dhabi’s 80,000 Refrigeration Ton (RT) Al Maryah plant from from joint venture partner, Mubadala Infrastructure Partners (MIP).

In April the company showcased its all-new corporate identity, during a spectacular light display against the side of the world’s tallest building, the Burj Khalifa, broadcast around the world. Over the subsequent months, Tabreed has benefitted from increased public awareness, bolstered by recognition and accolades from highly respected organisations resulting in several notable awards for business excellence, including the prestigious Sheikh Khalifa Excellence Award’s Silver Category in the Services Sector, as well as two separate awards from the International District Energy Association (IDEA).

Market conditions remained volatile during the year, as the pandemic continued to impact industries around the region and beyond, Tabreed’s resilience and impeccable reliability more vital than ever for customers dependent on uninterrupted service. Tabreed continued its proactive approach to staff welfare, too, with its Employee Assist Programme (EAP), which provides continuous support on a wide range of issues, including mental and physical wellbeing.

The company’s green credentials came to the fore during 2021, too, exemplified by its participation in the global COP26 environmental summit and the introduction of its new Green Finance Framework, which puts Tabreed at the heart of the region’s current and future sustainable infrastructure projects. In 2021 the company also published its annual ESG Report, detailing its 2020 environmental, social, and governance performance in the communities in which it operates, providing greater insight than ever into Tabreed’s activities and achievements.

As 2021 drew to a close, Tabreed finalised a significant strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. Under this partnership, the current Tabreed India is to be transferred to a new, Singapore incorporated company owned 75% by Tabreed and 25% by IFC. This company has a clear mandate to invest in projects of up to approximately $400 million over the next five years, targeting a portfolio of approximately 100,000 refrigeration tonnes (RT) across India.

Financial highlights – 12 months ended 31 December 2021:

Group revenue increased by 12% to AED 1.95 billion (2020: AED 1.7 billion)
Core chilled water revenue increased by 12% to AED 1.88 billion (2020: AED 1.69 billion)
EBITDA increased by 7% to AED 1.03 billion (2020: AED 970.1 million)
Net profit attributable to the parent increased by 6% to AED 585.2 million (2020: AED 550.3 million)

Operational highlights – 12 months ended 31 December 2021:

Total connected capacity increased to 1,210,096 Refrigeration Tons (RT), after adjusting for the divestment of Qatar Cool
40,495 Refrigeration Tons (RT) of new customer connections added
Successful integration of two concessions totalling 88,000 RT on Saadiyat Island, with closing achieved during April 2021
Tabreed achieved a record 14,738,690 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Environmental impact highlights – 12 months ended 31 December 2021:

2.33 billion kilowatt hours saved across the GCC – enough to power 132,590 homes every year
Prevented the release of 1.39 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of 302,592 vehicles from the roads annually

Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Once again Tabreed’s year-end results are evidence that the company is in the safest possible hands and the company’s net income builds on our recent history, which has seen average annual growth of 10% since the beginning of 2017. Our prudent, strategy-led investment programmes continually produce numbers that prove Tabreed is on the right track, with sustainability at the core of our operations and financial outlook. Tabreed is a remarkable, home-grown UAE success story and its position in the market as the world’s leading expert in district energy is one we can all take great reassurance from, as we continue our drive toward a sustainable future for all.”

Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “Perhaps more than at any other time in the company’s history, 2021 was the year Tabreed was regionally and globally recognised for the vital role it plays in achieving ambitious environmental and carbon reduction targets. Our relentless pursuit of operational excellence and energy efficiency positively impacts everyone concerned – our shareholders, stakeholders, customers and staff, as well as the communities we serve. Tabreed looks to the future with genuine optimism as numerous long-term strategic plans come to fruition, and it’s a company I am proud to be leading into 2022.”

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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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