National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international cooling provider, announced today that the Board of Directors has appointed Bader Saeed Al Lamki as the Company’s new Chief Executive Officer, effective 21st April, 2019. Khaled Al Qubaisi, Chairman of Tabreed, commented, “I am very pleased to welcome Bader Al Lamki to Tabreed. His vast expertise makes him the ideal successor to steer the company during the next stage of its growth strategy and further drive its operating and financial performance. His considerable industry knowledge will be invaluable to us as we continue our expansion and seek to further efficiency gains and achieve our full growth potential.” Mr. Al Lamki joins from Masdar, where he was the Executive Director of the Clean Energy Directorate. In this role, Bader played an instrumental role in building the company’s renewable energy portfolio across 25 countries, leading on a number of its most iconic projects. He was responsible for steering the business growth activities including bidding, acquisition and green field development. He was also responsible for maximizing value from Masdar’s utility-scale renewable energy portfolio globally through effective Asset and operation Management. Bader Al Lamki joined Masdar in February 2008 from ADMA-OPCO after successfully leading a strategic development initiative to support increasing the oil production of the company to nearly 1 million barrels per day. Earlier in his career, Mr. Al Lamki also worked with the leading French energy operator Total, advising on oil and gas project development across the Africa continent. Mr. Al Lamki succeeds Jasim Husain Thabet, who joined as the first Emirati CEO of Tabreed in August 2012 and during his six-year tenure, the Company’s annual net income grew from approximately AED 202.3 million to AED 427.6 million. Under his leadership, Tabreed successfully pioneered a new model of sustainable growth, delivering approximately 50% growth in consolidated connected capacity and 28% growth in revenues. This outstanding performance facilitated the investment grade credit ratings from Moody’s and Fitch of Baa3 and BBB respectively and the successful re-entry to the public debt capital markets through the issue of a US$ 500 million (AED 1.8 billion) 7 year unsecured sukuk. Jasim has played a major role in the strategic acquisition by ENGIE of 40% of Tabreed and most recently, he led Tabreed’s first foray outside of the GCC market with the signing a 30-year concession for a contracted cooling capacity of 20,000 RT in Amaravati, India. Khaled Al Qubaisi commented “The Board is grateful to Jasim for his commitment, strong leadership and many years of service to Tabreed. He has been instrumental in effectively positioning Tabreed in the UAE and across the GCC and driving its growth, making it one of the best-performing and most profitable companies in the sector. He leaves a more agile and resilient company, well placed to win in this fast-changing, evolving industry. I’d like to thank him both personally and on behalf of the Board, for his contributions to Tabreed.”

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today released its 2019 first quarter consolidated financial results. The company continues to deliver strong and consistent performance from its 74 district cooling plants across the GCC, which provide over 1.1 million refrigeration tons (RT) of cooling capacity for customers in five countries. Financial highlights – three months ended 31 March 2019:Net profit attributable to the parent increased by 3 percent to AED 80.0 million (Q1 2018: AED 77.7 million)Group revenue increased by 8 percent to AED 296.8 million (Q1 2018: AED 274.4 million)Core chilled water revenue increased by 7 percent to AED 276.1 million (Q1 2018: AED 258.7 million)EBITDA increased by 15 percent to AED 170.2 million (Q1 2018: AED 148.6 million),Share of results of associates and joint ventures decreased by 29 percent to AED 15.5 million (Q1 2018: AED 21.8 million) Operational highlights – three months ended 31 March 2019:Total Group connected capacity across the GCC increased to 1,134,329 RTThe Group signed a 30 year concession for the new Andhra Pradesh Capital City in India, which was a significant step for Tabreed to penetrate one of the world’s biggest and fastest growing markets Environmental highlights – three months ended 31 March 2019:206 million kilowatt hours was saved across the GCC – enough energy to power approximately 11,700 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 103,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 22,400 vehicles annually Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Our strong first quarter builds on a solid 2018, during which we continued to build on our reputation as one of the UAE’s strongest and most successful businesses. We are proud to now be pioneering district cooling in India alongside our established presence in the UAE and the GCC. Looking to the future, continued economic diversification in the GCC, its expanding population, and increasing urbanization will drive further investment in high-density developments, and district cooling is a core component of such investment. Tabreed’s new CEO, Bader Al Lamki, brings a track record of success and is well-placed to guide Tabreed’s next stage of growth and further drive our operational and financial performance.” Bader Al Lamki, Tabreed’s new Chief Executive Officer, added: “This quarter’s results underline customer confidence in Tabreed’s operational strength and two decades of leadership and experience. We are pleased to report a 3 percent increase in net profit, and an 8 percent increase in revenue, as a result of new customer connections. Tabreed’s high-performing team has once again delivered over the first three months of the year and this strong platform puts us in a good position for the remainder of 2019 and beyond.” 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 delivers over 1.1 million refrigeration tons to key developments in the region, including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Tabreed Shareholders Approve 19% Increase in Cash Dividend9.5 fils dividend per share for 2018 March 7, 2019 – ABU DHABI, UAE: The shareholders of National Central Cooling Company PJSC (DFM: TABREED), the leading UAE-based international district cooling utility company, have approved a dividend of 9.5 fils per share for the financial year ending 31 December 2018. Driven by the company’s strong and consistent performance in 2018, this represents a 19% increase on the previous year’s pay out.The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.Commenting on the full-year performance, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman said: “In 2018, our 20th year of operations, we delivered an outstanding year of financial and operational performance. Tabreed has delivered rising cash dividends to shareholders in recent years, and this year’s dividend continues that trend. Our progress has deservedly earned Tabreed a reputation for enduring reliable performance which has assisted in securing our first international opportunity outside the GCC as we signed a 30-year concession for Amaravati, the new capital of Andhra Pradesh in India.”In the 2018 full-year results, Tabreed reported a net profit increase of 7 percent to AED 427.6 million, adding 39,061 refrigeration tons (RTs) of new connections, resulting in the delivery of over 1.1 million RTs of cooling capacity. During the year, the company 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 and successfully issued a US$500 million, seven-year tenor sukuk, which was 50% oversubscribed.Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “Tabreed enjoyed another successful year in 2018, with revenues rising to AED 1.4 billion. Our financial strength, reflected in a strong balance sheet and consistent recurring income and cash flows, gives us the ability to continue to invest in our operations and networks whilst delivering growing dividends to shareholders. Our strategy remains to build on our strong foundations to develop solutions to capture the growing demand for district cooling in the region, both through an expanded operational footprint and by capturing new and more efficient ways of operating.”Tabreed is a partner of choice for providing environmentally friendly cooling solutions that support the world’s energy sustainability agenda. 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. -ENDS-About National Central Cooling Company PJSC (Tabreed)Tabreed is the leading UAE-based regional district cooling utility company that provides energy-efficient, cost-effective and environmentally friendly year-round district cooling solutions in the GCC. Founded in 1998 and listed on the Dubai Financial Market (DFM), Tabreed’s cooling infrastructure is an integral part of the region’s growth. The company now delivers over one million refrigeration tons to major residential, commercial, government and private projects. Tabreed owns and operates 74 plants in its portfolio across the GCC, including 63 plants in the United Arab Emirates, two in the Kingdom of Saudi Arabia, 4 in Oman, one in the Kingdom of Bahrain and others in the region.For more information, please visit www.tabreed.ae or contact the Strategic Communications Team on:Tel: +971 2 2020 399Email: media@tabreed.ae

Tabreed Signs First District Cooling Concession in IndiaSigns 30 years concession agreement for the new Andhra Pradesh Capital City, one of the world’s most sustainable citiesFebruary 13, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international cooling provider, has entered into a 30 year concession for a contracted cooling capacity of 20,000 refrigeration tons (RTs) with Andhra Pradesh Capital Region Development Authority (APCRDA) to build, own, operate and transfer India’s first district cooling system in Amaravati – the new capital of Andhra Pradesh. This will be Tabreed’s first plant outside its GCC market.Tabreed’s district cooling system is part of the Indian state of Andhra Pradesh’s vision for Amaravati to create jobs and homes along with a world-class infrastructure, a green city, and efficient resource management.In addition and in line with the ambitious plans for this greenfield capital city of Andhra Pradesh to be amongst the most sustainable cities in the world, Tabreed’s system will meet cooling requirements for the State’s Assembly, High Court, Secretariat and other government buildings that are currently under construction, for which cooling services will commence from early 2021.Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “As the UAE flagship District Cooling provider we are very pleased to be taking a leading role in the development of the new capital city of Andhra Pradesh. As our first district cooling project in India, this signals a significant step for Tabreed to penetrate one of the world’s biggest and fastest growing markets. We see this as an opportunity to establish an initial presence which will be the foundation for further growth in the future.”Jasim Husain Thabet, Chief Executive Officer, commented: “We are very pleased with our first project in India, increasing our presence to 6 countries. Our strong core business, experienced team, structuring capabilities, and proven innovative skills made us the ideal choice to be a long-term partner of APCRDA. Our focus will be on delivering high quality and cost-effective cooling solution to provide long-term benefits for the Andhra Pradesh government.”Dr. Sreedhar Cherukuri, Commissioner, Andhra Pradesh Capital Region Development Authority (APCRDA), said: “Bringing in the best solutions and providers from across the world to build Amaravati, we are excited to select Tabreed, a global district cooling leader, as our partner for our new capital. Tabreed demonstrated strong commercial flexibility, operational depth, and understanding of the complexity of well-structured district cooling concession schemes through the bidding process.”Compared to other cooling systems, district cooling uses only 50% of primary energy consumption for cooling urban buildings thereby reducing CO2 emissions. This highly efficient and cost-effective form of air conditioning also has associated benefits of improvement in air quality and reduction in general noise levels when compared to other traditional air conditioning systems.Exploring other growth opportunities across India, Tabreed is actively working with the UN Environment’s District Energy in Cities Initiative, a multi-stakeholder partnership that assists developing countries and cities to accelerate their transition to lower carbon and climate resilient societies through modern district energy systems.

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 yearThese 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.

Tabreed Launches Knowledge Development Programme,The Ethra’a Initiative Fosters synergies between academia and the district energy sector 28 January 2019, Abu Dhabi – UAE: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today announced the launch of its Ethra’a initiative, a first-of-its-kind knowledge development programme established to develop human capital and prepare the district energy sector’s future leaders. Ethra’a initiative, which means ‘enrichment’ in Arabic, aims to build a highly-skilled talent pool and develop human capital by facilitating knowledge sharing and innovation between the industry and academia. This will further drive knowledge-based economic growth in line with the Abu Dhabi Economic Vision 2030, and strategic talent development to support environmental sustainability and green economy ambitions outlined in the UAE’s Green Agenda 2030, an overarching framework to transform the country into a green economy. The initiative is also aligned with Abu Dhabi Government economic reform plan ‘Tomorrow 2021’ (Ghadan 2021), which places significant focus on the development of technology, talent and research. Ethra’a is built on five engagement pillars, with an overall objective to create opportunities for engineering and graduates, by equipping them with the knowledge, skills and competencies to become successful in highly-skilled roles within the district energy sector. These are: guest lectures delivered by subject matter experts at Tabreed to initiate knowledge transfer and improve understanding of the district energy sector; an in-house, capability-building programme, which features Training for Work, Undergraduate Internship Program, a Post Graduate Assistance Program to equip graduates of UAE Nationals with workplace skills and help improve their performance; educational tours at district cooling plants, designed to develop a greater understanding of how sustainable engineering theory can be put into practice; establishing cooperative research clusters for scientific advancements in the field of renewable energy and sustainable technologies; and a Sponsorship Program, designed to give outstanding Emirati students the opportunity to pursue a career with one of the granted local (UAE) based Accredited Universities and Technical Colleges. Commenting, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “As the regional pioneer in district cooling, Tabreed has a responsibility and commitment to developing the next generation of leaders for the district energy sector, by providing high quality training, mentorships and practical experience to engineering and management graduates. Ethra’a initiative sits at the heart of this commitment, creating stronger links between academia and the industry through greater collaboration on knowledge creation, research, innovation and skills development. This smart and forward-looking approach to education is key to achieving the UAE’s wider vision of developing a thriving, knowledge-based economy.” Earlier this year, Tabreed successfully completed a three-year research and development (R&D) pilot project with Masdar Institute to deliver energy efficiency through enhancing operational performance in district cooling plants. Titled ‘Optimal Chiller Plant Control’, the project aimed to develop and operate a proprietary next-generation digital ‘smart controller’ capable of intelligently managing district cooling plants to improve operational performance by decreasing energy consumption. In 2018, Tabreed has developed over 40 UAE National graduates and employees through different training schemes that offer a chance to build a strong career portfolio through skills development and hands-on experience. The company remains committed to developing a strong pool of Emirati talent through recruitment and retention of UAE Nationals in various fields, having achieved an Emiratisation rate of 39% as of November, 2018. 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 73 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, has been awarded ‘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. “We are proud to have obtained these leading industry awards in recognition of our efforts across our various departments of Operations and Maintenance, Health Safety Environment and Quality, and Human Resources,” said Jasim Husain Thabet, Chief Executive Officer, Tabreed. “Sustainability is one of our core pillars, and something the company is wholly dedicated to. Tabreed is committed to building on its achievements towards reducing the burden on power grids and contributing to the region’s energy efficiency goals.” Thabet continued, “Our investment in HSEQ across the organization has allowed us to achieve a remarkable eight million manhours without Lost Time Injury (LTI) reported, and an increase of approximately 21% in incident reporting, highlighting the seamless use of the system.” First, the Climate Control Awards sought after organizations that are comprehensively improving the condition of the world, through either socioeconomic or sustainable development targets, such as mitigating climate change (reducing direct and indirect emissions). During 2017, Tabreed contributed to its customers a 1.97 billion-kilowatt hour reduction in energy consumption in the GCC – enough energy to power 112,419 homes in the UAE every year. This led to the elimination of 986,748 tons of CO2 emissions or the equivalent of removing 214,511 cars from our streets every year. Second, the ‘Excellence in HSE on a Project’ award focuses on the implementation of HSEQ policies on a particular project, to the highest standards. Over the last several years, Tabreed revamped its efforts in HSEQ, focusing on instilling a culture of safety among its 850+ employees who work onsite at plants, as well as in its corporate office. Last year, Tabreed introduced an Automated Incident Reporting System (AIRS) which not only enhances HSEQ culture within the organization, but improved a two-way communication in the reporting system, consistency in reporting of hazards, near misses and incidents, and simplified the closing of any reported incidents with recommended corrective actions. Third, Tabreed received the Group Carbon Champions Award, presented at the District Cooling 2018 Conference titled ‘Efficient Energy for Smart Cities’, by The International District Energy Association (IDEA) in partnership with Dubai Carbon Centre of Excellence (Dubai Carbon) for special recognition of the combined achievements of the District Cooling industry in the Middle East in advancing efficient energy for smart cities. Also, the city of Dubai received the ‘District Cooling Champion City’ award, in which Tabreed was recognized for its key role in the industry. Fourth, the Korn Ferry 2018 Employee Engagement Award publicly recognizes organizations that have built superior levels of engagement, as measured through their recent people surveys. To calculate winners Korn Ferry analysed the percentage of employees who either ‘strongly agreed’ or ‘agreed’ with the following two statements: ‘I feel proud to work for the company’, and ‘I would recommend the company as a good place to work’. Thabet concluded, “Being recognized as an outstanding employers is with thanks to our employees, and we are just as proud as they are for their commitment to Tabreed. 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 73 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Tabreed has been rated investment grade by two credit rating agenciesNational Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today released its consolidated financial results for the first nine months of 2018. Tabreed reported a 10% increase in net profit to AED 319.3 million for the year up to 30 September, compared with the same period in 2017, mainly driven by the acquisition in March of S&T Cool, a district cooling provider on Reem Island in Abu Dhabi, as well as income in May from a partial sale of Saudi Tabreed following the investment by the IDB Infrastructure Fund II, reducing Tabreed’s total shareholding in Saudi Tabreed from 25% to 20%. Tabreed’s latest financial results follow its announcement last month that it successfully issued a US$500 million (AED 1.8 billion) fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue was 50% oversubscribed and saw strong institutional demand both locally and in Asia and Europe. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB credit ratings, assigned to Tabreed and to the sukuk itself. Tabreed also arranged new bank facilities of up to AED 1.5 billion which, along with the sukuk, will be used to refinance AED 2.8 billion of current corporate debt and provide a committed revolving credit facility which is available to fund the business as needed. Financial highlights – nine months ended 30 September 2018:Net profit attributable to the parent increased by 10 per cent to AED 319.3 million (Q3 2017: AED 290.4 million)Group revenue increased by 4 per cent to AED 1,090 million (Q3 2017: AED 1,049.1 million), driven by the acquisition in March 2018 of S&T Cool, a district cooling provider on Reem Island in Abu DhabiCore chilled water revenue increased by 4 per cent to AED 1,033.7 million (Q3 2017: AED 993.5 million)EBITDA increased by 9 per cent to AED 505.9 million (Q3 2017: AED 464.6 million)Share of results of associates and joint ventures decreased by 22 per cent to AED 70.7 million (Q3 2017: AED 91 million), due to the impact of new accounting standard (IFRS 15) Operational highlights – nine months ended 30 September 2018:In the first three quarters of the year, total Group connected capacity across the GCC increased to 1,121,520 Refrigeration Tons (RT), with 29,202 RT of new customer connections added and one new plant became fully operational Environmental highlights – nine months ended 30 September 2018:Contributed to saving 1,519,467,916 kilowatt/hour across the GCC – enough energy to power approximately 86,525 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 759,734 metric tons of carbon dioxide – the equivalent of eliminating the emissions from 165,160 vehicles annually Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We are pleased to report another strong set of both financial and operational results, with a net income increasing 10%, reflecting our solid group performance. We also saw stable growth in our connected capacity, adding over 29,000 of new customer connections in the first nine months of this year. Additionally, in Q3 we received new investment grade ratings from Moody’s and Fitch, which is a strong endorsement of Tabreed’s strong utility business model.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “These solid results follow our successful raising of a 500 million dollar sukuk, which was 50% oversubscribed, receiving strong institutional demand both locally and in Asia and Europe. This, coupled with another quarter of consistently strong results, confirms Tabreed’s position as a leader in district cooling in the region.” 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 73 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today announces it has successfully raised US$500 million (AED 1.8 billion) with a fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue follows a series of fixed income investor meetings which took place in Europe and Asia, as well as in the United Arab Emirates. The new sukuk, which will be listed on the London Stock Exchange, had strong institutional demand both locally and in Asia and Europe, which enabled the issue to be oversubscribed by 50%. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB credit ratings, which were announced last week. These ratings are the first to be assigned to Tabreed by Moody’s and Fitch, and have also been assigned to the sukuk itself. The ratings agencies noted Tabreed’s robust and sustainable business model, the long term nature of its customer contracts and the consequent strength and resilience of its cashflows in attributing their ratings. The company’s strong competitive position in the growing GCC market was also referenced, as well as its low risk profile and supportive shareholder base. In addition to the new sukuk, Tabreed has arranged new bank facilities up to AED 1.5 billion. Together with the proceeds from the new sukuk, these will be used to refinance AED 2.8 billion of current corporate debt. The refinancing of this debt will deliver a number of benefits, including improved balance sheet efficiency and a longer debt maturity. These in turn will further improve Tabreed’s cashflow, providing fresh impetus for the company’s expansion into both existing and new markets. Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We are very pleased that Tabreed has been rated as Investment Grade by Moody’s and Fitch. We see this as a testament to the financial strength, robust business model, and strong position we have in the UAE and across the GCC. This new sukuk, which was well received by the market, further strengthens our balance sheet and reinforces our robust financial position and leaves us well placed for further growth.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, commented: “We are delighted  with the market’s positive response to our sukuk, and with the recognition Tabreed continues to gain as a safe and high-quality investment. This successful issuance leaves us in a stronger position to leverage growth, with even greater capital and operational efficiency.” 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 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its consolidated financial results for the first half of 2018. The company continues to meet the region’s growing demand for district cooling and deliver solid performance and growth. Financial highlights – six months ended 30 June 2018:Net profit attributable to the parent increased by 10 per cent to AED 211.9 million (H1 2017: AED 192.7 million)Group revenue increased by 2 per cent to AED 650.7 million (H1 2017: AED 639.2 million)Core chilled water revenue increased by 2 per cent to AED 617.3 million (H1 2017: AED 602.3 million)EBITDA increased by 6 per cent to AED 326.1 million (H1 2017: AED 308 million)Operational highlights – six months ended 30 June 2018:Total Group connected capacity across the GCC increased to 1,113,906 Refrigeration Tons (RT), with 21,588 RT of new customer connections added in the first half of the year across the GCC.Environmental highlights – six months ended 30 June 2018:Contributed to saving 600 million kilowatt/hour across the GCC – enough energy to power approximately 20,000 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 300,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 60,000 vehicles annuallyKhaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10 per cent over the same period last year. Tabreed remains the partner of choice across the GCC for providing energy-efficient, cost effective, and environmentally friendly cooling solutions. We are confident that we will further expand our operations whilst continuing to deliver stable returns to our shareholders.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We are now in our 20th year of operation and, year after year, we have demonstrated consistent robust results underpinned by Tabreed’s unwavering focus on growing our core chilled water business which provides sustainable, reliable and cost effective energy solutions. We continue to strengthen our regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities resulting in the addition of more landmark projects to our portfolio.” 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 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today announced the acquisition of a significant stake in its associate, Saudi Tabreed, by the IDB Infrastructure Fund II (the Fund), managed by ASMA Capital Partners.Saudi Tabreed is Tabreed’s district cooling investment vehicle in Saudi Arabia, held jointly with ACWA Holdings, the Al Mutlaq Group and LAMA Holding. Saudi Tabreed provides 79,000 refrigeration tons (RTs) of cooling to its Aramco and Jebel Omar projects and operates a further 130,000 RT through O&M projects across the Kingdom.The sponsors of the Fund are the Islamic Development Bank (“IDB”), the Public Investment Fund of the Kingdom of Saudi Arabia (“PIF”), the Public Pension Agency of Kingdom of Saudi Arabia (“PPA”), and the governments of the Kingdom of Bahrain and the Sultanate of Brunei Darussalam.  The Fund has sizable investments in infrastructure projects in the GCC countries as well as in several South and South East Asian countries.Saudi Tabreed, as the leading district cooling company in the Kingdom, is well placed to capture growth opportunities in the largest market in the GCC. The addition of leading Saudi investment funds as strategic stakeholders in Saudi Tabreed will further enhance Saudi Tabreed’s ability to capitalize on these new opportunities and solidify Tabreed’s position as the leading district cooling company in the region.The Fund’s investment in Saudi Tabreed will in part be in the form of subscription for new shares and in part through purchasing existing shares from all the current shareholders of Saudi Tabreed. As a result, Tabreed’s holding in Saudi Tabreed will decrease from 25% to 20%.  Tabreed will receive around AED 70 million in cash from a combination of the sale of its shares to the Fund and dividends to be paid by Saudi Tabreed. Tabreed will realize a gain on the sale of around AED 30 million.Commenting on the transaction, Jasim Husain Thabet, Tabreed’s CEO, said: “Tabreed is delighted to welcome the Fund as a strategic partner into the shareholding of Saudi Tabreed.  The Fund’s confidence in Saudi Tabreed confirms its status as the number one provider of district cooling in Saudi Arabia and further strengthens our position to capitalize on new opportunities expected to arise in the Kingdom.”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 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts and other iconic developments in Sultanate of Oman and the Kingdom of Bahrain.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its 2018 first quarter consolidated financial results. The company continues to deliver strong and consistent performance from its 72 district cooling plants across the GCC, which deliver almost 1.1 million refrigeration tons (RT) of cooling capacity to customers.Financial highlights – three months ended 31 March 2018:Net profit attributable to the parent increased by 3.1 percent to AED 77.7 million (Q1 2017: AED 75.4 million)Core chilled water revenue increased by 1.4 percent to AED 258.7 million (Q1 2017: AED 255.2 million)Share of results of associates and joint ventures decreased by 4.8 percent to AED 21.8 million (Q1 2017: AED 22.9 million)Group revenue increased by 2 percent to AED 274.4 million (Q1 2017: AED 270.2 million)EBITDA increased by 6 percent to AED 148.6 million (Q1 2017: AED 140.8 million)Operational highlights – three months ended 31 March 2018:Total Group connected capacity across the GCC of 1,093,818 RT.Acquisition of 50% of S&T Cool District Cooling Company LLC on Reem Island in Abu Dhabi to become its sole owner. The plant has connected capacity of over 32,000 RT and is the sixth plant in Tabreed’s portfolio providing district cooling to Aldar developmentsSuccessful completion of three-year pilot project to develop digital ‘smart controller’ technology to intelligently manage district cooling plants to improve operational performance by decreasing energy consumption in partnership with Masdar Institute of Science and Technology, a part of the Khalifa University of Science and Technology Environmental highlights – three months ended 31 March 2018:179 million kilowatt hours was saved across the GCC – enough energy to power approximately 6,000 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 89,600 tons of carbon dioxide – the equivalent of eliminating the emissions of 18,000 vehicles annuallyKhaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “This is another strong set of results, further reinforcing the company’s market leading position and the strength of its business model. Our core chilled water business is the fulcrum of this model and continues to support the delivery of stable shareholder returns, which remains our top priority. We are confident of continuing to deliver growth as we further expand our operations and look forward to reporting progress through the current financial year.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We are very pleased to demonstrate once again that our unique cooling solutions are playing their part in the country’s efforts to achieve energy sustainability. Becoming the sole owner of S&T was also an important step in our long-term growth plan. We continue to explore ways of achieving greater efficiencies and developing innovative ways of reducing energy consumption and our pilot project with Masdar Institute of Science and Technology has proved valuable in this regard. We remain alert to all opportunities that can add value to our own business and also enhance our customers’ ability to reduce their energy consumption.”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 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.