Investor
Relations
The World’s Leading District Cooling Company
92
plants

In six countries in MENA / Asia (as of 31 Dec. 2024)

1.325 million
RT

Connected capacity (as of 31 Dec. 2024)

Sustainable and energy efficient operations
2.64 billion
kWh

Energy consumption saved in the last 12 months (as of 31 Dec. 2024)

1.58 million
tons

CO2 emissions avoided in the last 12 months (as of 31 Mar. 2024)

Solid financial results and track record of growth
AED 2,434
million

Revenue in 2024 (+10% CAGR in last 5 years)

26%

Avg. Net Profit Margin (in last 5 years)

Why Invest
in Tabreed

Resilient utility-like infrastructure model with robust tariff structure implemented across countries

Long-term contracts with creditworthy customers underpin stability and high visibility of cashflows

Solid track record of delivering growth with connected capacity increasing by more than 40% in the last five years

Diversified presence in attractive markets poised to witness rising district cooling penetration, thereby sustaining growth momentum

Leveraging partnership model to grow business and achieve operational excellence

27 years of operational track record to provide safe, reliable and efficient cooling

Sustainable district cooling services enabling significant energy savings and prevention of carbon emissions

  • Resilient Business Model
  • Strong Cash Flow Visibility
  • Sizeable Growth Opportunities
  • Strategic Partnerships
  • Operations & Maintenance Expertise
  • Sustainability Enabler
Our
Business Model
56% of Revenue
75% of EBITDA*
* Based on 3 years’ average 2022-2024
Capacity charges are billed monthly on contracted cooling load (RTs)
  • Recover investment in infrastructure over a contract period
  • Cover fixed costs of operations, overheads and financing
  • Provide return on investment
  • CPI indexation mechanism present in most of the contracts to limit exposure to inflationary risks.
44% of Revenue
25% of EBITDA*
* Based on 3 years’ average 2022-2024
Consumption charges are billed monthly on actual cooling consumed (RTh)
  • Cover all variable costs of operations such as electricity, water, water treatment, etc.
  • Changes in variable costs (such as utility tariff increase or decrease) are passed through to customers in majority of the contracts to limit exposure to fluctuations in cost of utilities.
Latest
Releases
  • May 14, 2025
    Tabreed Releases its Q1 2025 Financial Results and Gears Up for Extensive Growth with New Joint Venture
  • March 28, 2025
    Tabreed’s Annual General Assembly Approves AED 441 Million Dividend Payout for FY 2024
  • March 17, 2025
    Tabreed and Dubai Holding Enter Agreement to Provide District Cooling to Palm Jebel Ali
  • March 06, 2025
    Tabreed Successfully Issues USD 700 Million, Inaugural Green Sukuk
As of 31 December 2024
Ownership
Structure
41.9%

Mubadala

40.0%

Engie

12.0%

Public Institutional Investors

6.1%

Public Retail Investors

41.9%

Mubadala

40.0%

Engie

12.0%

Public Institutional Investors

6.1%

Public Retail Investors

Financial
Performance
west
east
+1% Total Revenue
AED 2,434m
Solid margins and cash flows with a robust balance sheet
  • 5% year-on-year increase in consumption volumes and EBITDA
  • Net Profit Before Tax to Parent up 4% compared to 2023 (excluding one-offs) on improved margins and savings in finance cost
  • Leverage (Net Debt to EBITDA at 3.7x) at lowest level in the last five years
  • Cash Dividend Per Share of 15.5 fils (+8% CAGR in last 5 years)
+5% EBITDA
AED 1,252m
Healthy pipeline of organic and M&A opportunities
  • Expanded capacity by 24 k RT – 2 new plants commissioned to meet growing demand
  • Further expanded international footprint with 1/3rd of incremental capacity coming from outside UAE
  • Continuing to see strong expansion potential (both organic and M&A)
+4% Net Profit Before Tax to Parent
AED 624m
Leading the way in sustainable cooling
  • Achieved ‘Verified Carbon Standard’ at one of the plants, further reinforcing the role of district cooling in reaching net zero goals
  • Issued inaugural USD 700m Green Sukuk in February 2025 to finance and refinance green projects
Financial
Results
Financial
Analysis Tool
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Coverage
Total Shareholder
Return Tool
Factsheet
Financial
Calendar
Governance
Fixed
Income

The information and materials contained in or referred to in the materials on, and accessed through, this web page (together, the “Website”) in relation to National Central Cooling Company PJSC (“Tabreed”) and its funding programs and debt instruments is strictly provided for information purposes and as a matter of record and may only be shared with persons entitled to access this Website under applicable laws, regulations and directives in relevant jurisdictions. 

Nothing on this Website should be construed as an offer to sell, an offer to buy, or an inducement or recommendation to buy or sell any Tabreed securities. This Website a) is not intended to constitute an investment advice or any other type of advice, b) should not be relied upon with regard to any investment decision or for any other purpose, and c) shall not be interpreted as an implicit form of contract with Tabreed or part thereof. 

Tabreed does not warrant the fairness, accuracy, adequacy or completeness of this Website. To the maximum extent permitted by law, Tabreed, its subsidiaries and their respective directors, employees, agents and consultants disclaim all liability for any loss or damage of any nature and however caused from the use of, reliance upon, or in connection with, this Website. Information and materials on this Website are provided on an "as is" basis, and Tabreed herein declares that this Website may not be complete, adequate or up-to-date and hereby disclaims any and all liability deriving therefrom. 

The materials and information on this Website that refer or relate to securities offerings by Tabreed do not constitute an offer to sell or the solicitation of an offer to buy securities as those terms are defined in the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities presented in those offerings have not been and will not be registered under the U.S. Securities Act, and may not be offered, sold or delivered within the United States or to U.S. Persons (as defined in Regulation S under the Securities Act) absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements. 

The credit ratings that appear on this Website are provided for use by persons who are not retail clients (as defined for the purposes of the Corporations Act 2001 (Cth)) and must not be used otherwise. Tabreed does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail clients under any jurisdiction in any country. 

By accessing this Website, you agree to these Terms of Use.

AED Millions 31 December 2024
Interest bearing loans & borrowings 2,045
Islamic financing arrangements 641
Non-convertible sukuks 946
Non-convertible bonds 1,824
Total gross debt 5,456
Finance lease liabilities 192
Total debt including finance lease liabilities 5,648

Tabreed has issued two $500 million USD fixed income instruments (Sukuk in Oct 2018 and Bond in Oct 2020), and established a Green Sukuk Programme in 2025 for US$ 1.5 billion.

Title Amount Profit Rate / Coupon Coupon Frequency Maturity Link to prospectus
Green Sukuk US$ 700 Million 5.279% Semi-Annual 5 March 2030 Sukuk Base Offering Circular
Bond US$ 500 million 2.5% Semi-Annual 21 October 2027 Tabreed Bond 2027 Prospectus
Sukuk US$ 500 million 5.5% Semi-Annual 31 October 2025 Tabreed Sukuk 2025 Prospectus

Since 2018, Tabreed has implemented a conservative debt policy to maintain Investment Grade Status and optimal debt structure.

Title Long-term Issuer Rating Last Update Outlook Link
Moody’s Baa3 Stable 21 December 2023 Moody’s Credit Opinion Tabreed
Fitch BBB Stable 5 March 2024 Fitch Credit Rating Tabreed