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 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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