Tabreed’s 2018 Full Year Net Profit Increases 7% During its 20th Year of Operation

calendar_month January 31, 2019

Tabreed’s 2018 Full Year Net Profit Increases 7% During its 20th Year of Operation

Board of Directors recommends increasing dividend by 19% to 9.5 fils per share

31 January, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional cooling provider today released its audited financial results for 2018. Tabreed reported a 7% increase in net profit to AED 427.6 million for the full year by adding 39,061 RT of new connections resulting in the delivery of over 1.1 million refrigeration tons (RTs) of cooling capacity. Based on such results, Tabreed’s Board of Directors recommended a cash dividend for 2018 of 9.5 fils per share, up from 8 fils per share paid in 2018.

Tabreed announced a number of significant achievements during 2018, in addition to celebrating its 20th anniversary. During the year, Tabreed acquired 50% of S&T Cool District Cooling Company LLC, a major district cooling provider on Reem Island in Abu Dhabi, from Aldar Properties. Tabreed also sold part of its stake in its associate Saudi Tabreed to the IDB Infrastructure Fund II.

Tabreed also added 39,061 RT of new customer connections across the GCC and included Warner Bros. World Abu Dhabi theme park, which opened on Yas Island in July 2018 and which reinforced Tabreed’s reputation as a partner of choice for the UAE’s most high-profile assets.

In addition, Tabreed successfully issued a US$500 million, seven year tenor sukuk, which was 50% oversubscribed, reflecting strong demand from local and international investors, and received investment grade credit ratings from Moody’s and Fitch of Baa3 and BBB respectively. These consistently strong results, new sukuk and new bank facilities of up to AED 1.5 billion reinforce Tabreed’s strong business model and solid funding base, positioning it well for future growth.

Financial highlights – 12 months ended 31 December 2018:

Net profit attributable to the parent increased by 7 per cent to AED 427.6 million (2017: AED 400.1 million)
Group revenue increased by 3 per cent to AED 1,446.9 million (2017: AED 1,399.4 million)
Core chilled water revenue increased by 3 per cent to AED 1,361.3 million (2017: AED 1,317.3 million)
EBITDA increased by 10 per cent to AED 694.2 million (2017: AED 628.4 million)
Share of results of associates and joint ventures decreased by 30 per cent to AED 90.3 million (2017: AED 128.8 million), due to the impact of new accounting standards (IFRS 15)

Operational highlights – 12 months ended 31 December 2018:

Total Group connected capacity across the GCC increased to 1,131,379 Refrigeration Tons (RT), with 39,061 RT of new customer connections added and 3 new plant(s) became fully operational

Environmental highlights – 12 months ended 31 December 2018:

Contributed to saving 1.97 billion kilowatt/hour across the GCC – enough energy to power approximately 112,000 homes in the UAE every year
These power savings prevented the release into the atmosphere of 986,000 metric tons of carbon dioxide – the equivalent of eliminating the emissions from 214,000 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Tabreed has become the leader in district cooling, with 74 plants across five countries. Our financial and operational achievements this year demonstrate continuing excellence across our business. I am optimistic about 2019 and beyond as economic diversification in the GCC and increasing urbanization drives investment in high-density developments. This will leave Tabreed well positioned to provide cost-effective and environmentally friendly cooling solutions for our region. We will continue to play a crucial role in the development of the infrastructure of the GCC and beyond.”

“In line with our commitment to continue delivering shareholder value and based on our achievements and performance in 2018, the company’s Board of Directors will recommend increasing cash dividends to 9.5 fils at the upcoming annual general assembly,” Al Qubaisi added.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, commented: “Our business has gone from strength to strength in our 20th year of operation. We made great strides to improve our performance, implementing new technology to achieve greater efficiencies while forging strategic partnerships to increase our loyal customer base. Our relentless commitment to our strategy is reflected in our results, which show a 7% increase in net profit, as well as 39,061 RT new customer connections and numerous industry awards recognising our achievements. We are looking forward to the year ahead, where we’ll continue to provide cost-effective cooling for our customers, which deliver significant energy and environmental benefits while adding value for our shareholders.”

Tabreed’s excellence in Operational, Health, Safety and Environment and Human Resources was recognised with four leading industry awards during the last quarter of the year, including ‘District Cooling Utility Provider of the Year’ at the Climate Control Awards, ‘Excellence in HSE on a Project’ at the Big Project Middle East Awards, Group Carbon Champions Award at the District Cooling 2018 Conference, and the Korn Ferry 2018 Employee Engagement Award.

Throughout the year, Tabreed delivered significant savings in energy consumption, costs and carbon dioxide emissions. Overall, Tabreed cools the equivalent of 113 towers the size of the Burj Khalifa, with 986,000 tons of annual elimination of CO2 emissions – which is equal to removing 214,000 cars from our streets every year.

As part of its corporate social responsibility mandate, Tabreed held its annual blood drive and worked with the Zayed Bin Sultan Al Nahyan Charitable & Humanitarian Foundation and donated electronic and furniture items, which will be sent to schools in third world countries.

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 74 district cooling plants located throughout the region, Tabreed currently cools key landmarks in the region including Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

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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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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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