Tabreed’s Financial Results for H1 2024 show Company Reaping the Rewards of Investment

calendar_month August 09, 2024

Rising year-on-year consumption volumes driving increased profits and improved EBITDA
Company strengthens financial position through prudent capital allocation, including repurchasing of Sukuk and increasing cash dividends
Appointment of Dr. Bakheet Al Katheeri as Chairman, along with new Board member Mansoor Mohamed Al Hamed

Abu Dhabi, United Arab Emirates – 9 August 2024: Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first six months of 2024 and announced changes to its Board of Directors.

The results demonstrate exceptional financial health driven by business growth, sustained profitability margins and a commitment to sound financial discipline. Tabreed experienced an 8% year-on-year surge in consumption volumes, reflecting rising cooling demand during the summer and continued strategic expansion over the past 12 months. As a result of strong operating performance, the company delivered a normalised net profit before tax of AED 291 million – an increase of 4% compared to the same period last year.

H1 2024 also saw Tabreed’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increase to AED 603 million, which compares favourably to the AED 590 million reported for H1 2023. Topline group revenue increased to AED 1.08 billion for H1 2024, compared to AED 1.067 billion during the first half of 2023. Tabreed’s H1 2024 EBITDA margin increased year-over-year to 56%, demonstrating the company’s ability to generate strong financial results while expanding its business.

The company generated impressive free cash flows of AED 978 million over the past 12 months, translating to a healthy yield of more than 10%. Demonstrating responsible management and prudent use of surplus cash, Tabreed further reduced its debt by 12% in the first half of the year by repurchasing an additional USD 207 million (AED 759 million) of its outstanding sukuk due in 2025.

Including the USD 33 million (AED 12 1 million) Sukuk repurchased in 2023, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of the outstanding Sukuk. The buyback is part of Tabreed’s active management of its debt portfolio to optimise its funding cost and further strengthen its balance sheet. Simultaneously, the company increased cash returns to shareholders, evidenced by an increase of 15% year-on-year in cash dividends paid for the year 2023. During the annual general assembly held in March 2024, a cash dividend of 15.5 fils per share for 2023 was approved by Tabreed’s shareholders, which was subsequently paid in April 2024.

Additionally, during H1 2024, Tabreed completed and commissioned its new district cooling plant on Saadiyat Island, Abu Dhabi. With an ultimate capacity of 21,000 RT (refrigeration tons), the facility supplies sustainable cooling to residential and commercial communities. It is currently supplying 9,000 RT with plans to add 6,000 RT over the next two years.

Tabreed also kicked off its previously stated plans to increase the company’s international reach by sponsoring the key Big 5 Construct event in Cairo, Egypt. Senior management gave keynote addresses and participated in high-level discussions with planners, developers and government representatives, centred on district cooling being the only viable solution for new, sustainable cities.

Changes to Board of Directors

Tabreed is pleased to announce the appointment of Dr. Bakheet Al Katheeri as the new Chairman of its Board of Directors, succeeding Khaled Al Qubaisi, who has served as Tabreed’s Chairman since 2017.

Dr. Al Katheeri, who has been a member of the Board since 2022, is well-positioned to lead Tabreed through its next growth phase, with more than two decades of operational and investment expertise in the energy, infrastructure and industrial sectors. Currently, he serves as the Chief Executive Officer of Mubadala’s UAE Investments platform, where he is responsible for guiding the growth and strategic direction of a diverse portfolio of major UAE companies. Also, his previous experience with ADNOC and academic background covering Engineering, Applied Mathematics, and Environmental Science are highly relevant to the business.

Tabreed is also pleased to welcome Mansoor Mohamed Al Hamed as a new Board member. For more than 15 years, Mansoor has been instrumental in the strategic growth and development of Mubadala Energy, where he serves as the CEO for almost four years.

Financial highlights – six months ended 30 June 2024:

Group revenue increased to AED 1.08 billion (H1 2023: AED 1.067 billion)
EBITDA increased to AED 603 million (H1 2023: AED 590 million)
Normalised net profit before tax increased by 4% to AED 291 million (H1 2023: AED 280 million)

Net profit after tax is AED 269 million (H1 2023: AED 386 million, including one-off gains)

Operational highlights – six months ended 30 June 2024:

Tabreed’s consumption volumes increased by 8% year-on-year
Total connected capacity reached 1.308 million Refrigeration Tons (RT)
4,646 Refrigeration Tons (RT) of new customer connections added, mostly in the UAE

Commenting on the company’s H1 2024 results and his appointment, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “In the first half of 2024, Tabreed demonstrated a strong financial performance with increased consumption volumes driving higher profits and improved EBITDA. Our focus on prudent capital allocation has strengthened our financial position, ensuring we are ideally positioned for growth and expansion of our vital role in key infrastructure projects and decarbonisation across the UAE and the broader region.

“I am honoured to take over as Chairman from Khaled Al Qubaisi. Under his leadership, Tabreed has positioned itself as an agile and efficient company with a proven, resilient business model and commitment to partnerships and sustainable value creation for all its investors, partners and stakeholders. I look forward to working closely with the company’s executive leadership team to drive our company forward.”

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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-

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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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