National Central Cooling Company secures AED 1100 million in regional financing for 2009.National Central Cooling Company PJSC, ‘Tabreed’ the Abu-Dhabi based utility company announced today that it has secured a two-year AED 750 million loan facility from First Gulf Bank (FGB). Today’s announcement follows the signing of an AED 368 million ijara financing for Tabreed from Abu Dhabi Commercial Bank (ADCB) in March of this year.The AED 750 million loan from FGB will be used to fund the Company’s 2009 capital expenditure. The March AED 368 million ijara financing from ADCB was used for the full-repayment of Tabreed’s five-year USD $100 million Sukuk, launched in 2005.Commenting on both loan facilities, Sujit S. Parhar, Tabreed CEO said, “Since financing is the cornerstone of a utility company’s business plan, we are pleased to have the support from the region’s financial markets. Such support is important as Tabreed moves to the next stage of its growth.”“We have a significant capital expenditure programme plan for 2009 with major projects such as the Dubai Metro, Yas Island, and our joint ventures with Aldar and Sorouh, underway, and these financing agreements are important to the delivery of these projects.”Tabreed CFO Steve Ridlington added, “Given the current condition of the financial markets, it is significant that Tabreed has demonstrated its ability to secure regional financing, which is testament to our robust expansion plans and the increasing importance of district cooling for regional growth and infrastructure investment ambitions.”“Whilst our business model requires significant upfront expenditure it also offers long-term, stable and sustainable returns. Tabreed has proven its ability to access the capital markets in even the most challenged conditions in a timely and sizeable manner.”Over the past 12 months Tabreed has completed 10 district cooling plants, with 9 expected to come on-stream in the next three months adding an additional 229,000 tons of capacity. Tabreed operates 34 plants with total installed capacity of more than 400,000 tons.

National Central Cooling Company’s Q1 consolidated financial results indicate a 29 per cent increase in consolidated net incomeNational Central Cooling Company PJSC (ticker symbol: Tabreed), ‘Tabreed’ the Abu-Dhabi based utility company released its unaudited first quarter 2009 consolidated financial results today. The results showed a 29 per cent rise in consolidated net income compared to the same period in 2008. This increase reflected a strong rise in gross revenues particularly within Tabreed’s manufacturing business, in part offset by higher costs associated with higher sales volumes.Other highlights from the first quarter include:16 district cooling plants are under construction4 New district cooling contracts signed that will supply a combined total of 9,905 tonnes of new cooling capacity per yearNew Chief Executive Officer appointed: Sujit S. ParharNew Chief Financial Officer appointed: Steve RidlingtonCommenting on the results, Khadem Al Qubaisi, Tabreed Chairman said:“Over the past 10 years Tabreed has become an integral part of the Abu Dhabi growth engine. The fact that we have 33 operating district cooling plants generating revenue for the company and a further seven expected to come online in Abu Dhabi this year demonstrate the long-term sustainable growth of Tabreed.”Sujit S. Parhar, Tabreed CEO added:“Despite the current economic climate and the cautious outlook for 2009, we are pleased that our first-quarter results demonstrate year-on-year growth for Tabreed. Our focus on delivering long-term returns for our shareholders is evident by the strong results announced today.”

National Central Cooling Company PJSC (ticker symbol: Tabreed) ‘Tabreed’, the Abu-Dhabi based utility company announced today that it has appointed Sujit S. Parhar to the position of Chief Executive Officer.Commenting on the appointment, Tabreed Chairman Khadem Abdulla Al Qubaisi says: “As a key infrastructure partner to the growth of Abu Dhabi, Tabreed faces a tremendous opportunity for continued growth in the region. This appointment marks the Board of Directors’ commitment to building a strong management team towards growing a stable and long-term regional utility business.“Sujit” brings extensive experience from the utilities and infrastructure sectors in Singapore, and a track-record of delivering best-practice management for listed companies. We are delighted to have appointed Sujit to the role of CEO and the experience he brings to the company.”Prior to joining Tabreed Sujit worked for SembCorp Industries – a Singapore-based utilities company where he was Senior Vice President and Head of Regional Business Development.Commenting on his appointment, Sujit S. Parhar says: “This is an exciting time to be joining Tabreed. District cooling is an essential utility for the delivery of the Abu Dhabi 2030 Plan and Tabreed is committed to playing a vital role in the Emirate’s growth. This year we expect to deliver an additional seven new plants in Abu Dhabi alone.”The appointment is effective immediately. Karl Marietta will assume a new role with Tabreed as a consultant to the executive management team.Tabreed currently has 19 district cooling plants under construction across the Middle East, with 16 new plants expected to come online in 2009.

National Central Cooling Company Adds New CFO To Executive Management TeamNational Central Cooling Company PJSC (ticker symbol: Tabreed)‘Tabreed’, the Abu-Dhabi based utility company announced today that it has appointed Steve Ridlington to the position of Chief Financial Officer. Steve brings more than twenty years experience with BP in fundraising and global finance to Tabreed.Commenting on the appointment, Tabreed Managing Director Khaled Al Qubaisi says:“Steve brings best-in-class managerial expertise to Tabreed and will complement the company’s already strong finance function. His global finance experience will be an asset to Tabreed’s management and the company’s growth in the region. ”Steve joins Tabreed from TNK-BP in Moscow where he was VP Treasury and Deputy CFO.The appointment is effective immediately, and follows the release of Tabreed’s 2008 consolidated financial statements that reported strong performance across all four business sectors of Services, Chilled Water, Contracting and Manufacturing. For 2008, Tabreed reported a 30 per cent increase in revenues and a 26 per cent increase in gross profit over 2007.Tabreed currently has 19 district cooling plants under construction across the Middle East, with 16 new plants expected to come online in 2009.

National Central Cooling Company’s 2008 Un-audited Preliminary Financial Results are its Strongest to DateNational Central Cooling Company PJSC (ticker symbol: Tabreed), ‘Tabreed’ the Abu-Dhabi based utility company released its un-audited preliminary financial results for 2008 today. The results revealed the district cooling company’s strongest revenues and gross profit since the company was started in 1998.Financial Highlights:Results were driven by strong performance across all four core businesses of Services, Chilled Water, Contracting and Manufacturing2008 Revenues:  AED 734 million, an increase of 30% over 20072008 Gross Profit:  AED 319 million, an increase of 26% over 2007Operational Highlights:16 new cooling plants came online in 2008, adding 348,000 tonnes of cooling capacity, bringing the total district cooling plants in operation to 3121 cooling plants were under construction in 2008, with 19 expected to come online in 2009 adding a further 161,300 tonnes of cooling capacitySince releasing its first financial results in 1999, Tabreed has consistently increased revenues and gross profit every year. For 2008, annual revenues were AED 734 million, an increase of 30% over 2007. Gross profit for 2008 was AED 319 million, an increase of 26% over 2007. The company’s net profit was unfavourably affected by a non-cash finance cost of AED 12.2 million attributed to a derivative liability arising from a convertible bond. Without this non-cash finance cost, net profit for 2008 would have increased by 19% over the previous year.Commenting on the results, Khadem Al Qubaisi, Tabreed Chairman said, “In our ten years of operation, we have built our district cooling business on delivering a stable and consistent return to our shareholders within an environmentally-sustainable approach. In the current financial environment, we are pleased with today’s results and the long-term stability of our utility company business model. ”Khaled Al Qubaisi, Tabreed Managing Director added, “With the increasing demand for cooling in the Middle East, Tabreed is committed to the growth of Abu Dhabi and the region. Our strong performance in 2008 combined with the operational milestones expected for 2009 mean that Tabreed will continue to be a key player in the region’s long-term sustainable infrastructure growth.”The above results are the un-audited preliminary results, thus are subject to changes that may be caused from the final determination of certain accounting estimates

Tabreed announced today that its Board of Directors has appointed Khaled Al Qubaisi to the role of Tabreed Managing Director. Mr. Al Qubaisi will be based in Tabreed’s Abu Dhabi offices, with the appointment taking effect immediately.Mr. Al Qubaisi joined the Tabreed Board of Directors in March 2008, and as Managing Director will focus on strengthening and supporting Tabreed’s executive management team.Karl Marietta remains as Tabreed CEO to continue to focus on the day to day management of Tabreed.