Tabreed Releases its Full 2021 Financial Results, with Increased Profits and Plans for a Sustainable Future

calendar_month February 15, 2022

One of UAE’s most resilient companies maintains robust operations, aims to expand portfolio

Abu Dhabi, United Arab Emirates – 15 February 2022: National Central Cooling Company PJSC (DFM: Tabreed), today released its consolidated financial results for 2021, reporting a net profit of AED 585.2 million – an increase of 6% compared to its 2020 performance. In addition, Tabreed’s Board of Directors is pleased to recommend a dividend of 12.0 fils per share, to be paid 50% in cash and 50% through a bonus share issue of 1 share for every 40 shares held. This dividend represents an increase on last year in line with the growth of the business, while retaining availability of growth capital within the business.

Throughout 2021, Tabreed continued to execute its long-term plans for sustainable growth. The company streamlined its operations while expanding within the UAE, adding new connections in its Downtown Dubai District Cooling Plant network and acquiring full ownership of Abu Dhabi’s 80,000 Refrigeration Ton (RT) Al Maryah plant from from joint venture partner, Mubadala Infrastructure Partners (MIP).

In April the company showcased its all-new corporate identity, during a spectacular light display against the side of the world’s tallest building, the Burj Khalifa, broadcast around the world. Over the subsequent months, Tabreed has benefitted from increased public awareness, bolstered by recognition and accolades from highly respected organisations resulting in several notable awards for business excellence, including the prestigious Sheikh Khalifa Excellence Award’s Silver Category in the Services Sector, as well as two separate awards from the International District Energy Association (IDEA).

Market conditions remained volatile during the year, as the pandemic continued to impact industries around the region and beyond, Tabreed’s resilience and impeccable reliability more vital than ever for customers dependent on uninterrupted service. Tabreed continued its proactive approach to staff welfare, too, with its Employee Assist Programme (EAP), which provides continuous support on a wide range of issues, including mental and physical wellbeing.

The company’s green credentials came to the fore during 2021, too, exemplified by its participation in the global COP26 environmental summit and the introduction of its new Green Finance Framework, which puts Tabreed at the heart of the region’s current and future sustainable infrastructure projects. In 2021 the company also published its annual ESG Report, detailing its 2020 environmental, social, and governance performance in the communities in which it operates, providing greater insight than ever into Tabreed’s activities and achievements.

As 2021 drew to a close, Tabreed finalised a significant strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. Under this partnership, the current Tabreed India is to be transferred to a new, Singapore incorporated company owned 75% by Tabreed and 25% by IFC. This company has a clear mandate to invest in projects of up to approximately $400 million over the next five years, targeting a portfolio of approximately 100,000 refrigeration tonnes (RT) across India.

Financial highlights – 12 months ended 31 December 2021:

Group revenue increased by 12% to AED 1.95 billion (2020: AED 1.7 billion)
Core chilled water revenue increased by 12% to AED 1.88 billion (2020: AED 1.69 billion)
EBITDA increased by 7% to AED 1.03 billion (2020: AED 970.1 million)
Net profit attributable to the parent increased by 6% to AED 585.2 million (2020: AED 550.3 million)

Operational highlights – 12 months ended 31 December 2021:

Total connected capacity increased to 1,210,096 Refrigeration Tons (RT), after adjusting for the divestment of Qatar Cool
40,495 Refrigeration Tons (RT) of new customer connections added
Successful integration of two concessions totalling 88,000 RT on Saadiyat Island, with closing achieved during April 2021
Tabreed achieved a record 14,738,690 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Environmental impact highlights – 12 months ended 31 December 2021:

2.33 billion kilowatt hours saved across the GCC – enough to power 132,590 homes every year
Prevented the release of 1.39 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of 302,592 vehicles from the roads annually

Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Once again Tabreed’s year-end results are evidence that the company is in the safest possible hands and the company’s net income builds on our recent history, which has seen average annual growth of 10% since the beginning of 2017. Our prudent, strategy-led investment programmes continually produce numbers that prove Tabreed is on the right track, with sustainability at the core of our operations and financial outlook. Tabreed is a remarkable, home-grown UAE success story and its position in the market as the world’s leading expert in district energy is one we can all take great reassurance from, as we continue our drive toward a sustainable future for all.”

Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “Perhaps more than at any other time in the company’s history, 2021 was the year Tabreed was regionally and globally recognised for the vital role it plays in achieving ambitious environmental and carbon reduction targets. Our relentless pursuit of operational excellence and energy efficiency positively impacts everyone concerned – our shareholders, stakeholders, customers and staff, as well as the communities we serve. Tabreed looks to the future with genuine optimism as numerous long-term strategic plans come to fruition, and it’s a company I am proud to be leading into 2022.”

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calendar_month October 13, 2025

Tabreed Closes its Two Largest Ever Transactions, Strengthening Growth and Long-Term Earnings Visibility

Acquisition of PAL Cooling and Palm Jebel Ali concession agreement expand regional footprint and long-term portfolioSuccessful acquisition of PAL Cooling expected to add 600,000 RT and boost connected capacity by 13%Completion of Palm Jebel Ali concession agreement marks Tabreed’s strategic expansion into one of Dubai’s most iconic developmentsAbu Dhabi, United Arab Emirates – 13 October 2025: Tabreed, the world’s leading district cooling company, today announced the successful completion of two transformational infrastructure transactions that significantly accelerate its growth trajectory and strengthen its long-term, concession-backed business model.Tabreed, alongside global infrastructure investor CVC DIF, has completed the acquisition of PAL Cooling Holding from Multiply Group, following regulatory approvals. Within the past four weeks Tabreed also finalised a landmark concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali – one of the emirate’s most eagerly anticipated large-scale developments.These milestones represent a major acceleration in Tabreed’s growth strategy, boosting operational capacity, diversifying its concession portfolio and enhancing long-term cash flow visibility. PAL Cooling Acquisition: Expanding Scale and Strategic ReachThe PAL Cooling transaction, with an equity value of AED 3.87 billion, is expected to add approximately 600,000 refrigeration tons (RT) of connected capacity across eight exclusive concessions on Abu Dhabi’s main island and Al Reem Island, which is now fully incorporated into the ADGM free zone. The portfolio is currently served by five operational plants, with one more under construction and three in advanced planning stages.The acquisition immediately increases Tabreed’s pro forma connected capacity by 13% to 1.55 million RT and introduces long-tenor contracts averaging 25 years with high-quality offtakers including Aldar, Modon and Imkan.“Closing this acquisition demonstrates Tabreed’s commitment to sustainable growth, disciplined investment and long-term value creation,” said Dr Bakheet Al Katheeri, Chairman of Tabreed. “These are strategic infrastructure assets with strong fundamentals and meaningful future upside, reflecting our ability to execute and scale in line with national development and decarbonisation priorities.”“This transaction strengthens our earnings profile and operational presence in Abu Dhabi,” added Khalid Al Marzooqi, CEO of Tabreed. “We’re adding long-term, stable contracts with blue-chip developers and enhancing our platform for growth, now and in the near future. Beyond the numbers, it demonstrates how Tabreed continues to build the essential, sustainable infrastructure that underpins the UAE’s next phase of development.”Palm Jebel Ali: Strategic Growth in DubaiSeparately, Tabreed has completed its long-term district cooling concession with Dubai Holding Investments for Palm Jebel Ali. The AED 1.5 billion project will be executed in phases via a joint venture (Tabreed 51%, Dubai Holding Investments 49%) and is expected to deliver 250,000 RT of cooling capacity. “Palm Jebel Ali is a transformative development, and we’re proud to play a central role in shaping its sustainable infrastructure,” said Al Marzooqi. “This partnership reflects our commitment to future-ready urban environments powered by world-class district cooling. It also strengthens our presence in Dubai’s high-growth developments, creating a dynamic platform for future projects and reinforcing our position as the world’s leader in sustainable cooling.”Strengthening Value Creation and Financial ResilienceTabreed will operate and maintain all assets under both agreements. The transaction structures ensure capital efficiency – PAL Cooling acquisition is funded through equity contribution by both partners and non-recourse, project-level debt, while Palm Jebel Ali is being delivered through a joint venture fully consolidated by Tabreed.PAL Cooling has demonstrated strong financial performance, with a 7.5% revenue CAGR and ~60% average EBITDA margin in the past three years. Approximately 60% of revenues are derived from fixed capacity charges under long-term agreements, providing stable and predictable cash flows.These transactions align with Tabreed’s broader financial strategy. The company recently distributed its first-ever interim dividend, reflecting confidence in its strong balance sheet and long-term earnings outlook. The addition of two scalable, concession-backed assets further strengthens its ability to sustain and grow shareholder returns in the long term.“Together, these transactions represent a defining moment for Tabreed,” concluded Al Katheeri. “With deeper presence in Abu Dhabi and Dubai, greater earnings visibility and a diversified asset base, Tabreed is well-positioned to deliver long-term value to shareholders and national stakeholders alike.”

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calendar_month September 22, 2025

Tabreed and Johnson Controls Enter Long-Term Agreement for Development and Supply of Next Generation Cooling Technology

Tabreed gearing up for significant expansion, securing supply of energy efficient chillersCooling technology and lifecycle models aligned with region’s climate neutrality goalsAbu Dhabi, United Arab Emirates – 22 September 2025: As part of a joint commitment to advancing global best practices in district cooling, Tabreed, the world’s leading district cooling company, and Johnson Controls, the global leader for smart, healthy and sustainable buildings, have signed a framework agreement to accelerate the development and deployment of next-generation cooling technologies. Tabreed is working on multiple long-term projects, many of which will be covered by the agreement. The collaboration targets measurable gains in energy efficiency, reliability and total cost of ownership, while supporting regional climate neutrality strategies and corporate ESG priorities. It will focus on deploying next generation centrifugal chillers to enhance system efficiency and reduce climate impact, with performance analytics provided via Johnson Controls’ platforms for real-time optimisation and reduced downtime. The agreement was signed during a special ceremony hosted at Tabreed’s Abu Dhabi headquarters, by Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, and Johnson Controls’ Vice President and President EMEA, Richard Lek.Following the ceremony, Al Marzooqi said: “Our company has entered a new, exciting chapter of unprecedented growth, which is aligned with our long-term strategy. We have multiple projects either in progress or planned for the near future, and this agreement helps both parties by securing supplies of essential equipment for large-scale infrastructure. By pairing Tabreed’s operational excellence with Johnson Controls’ advanced chiller technologies, we will bring tangible benefits to customers and communities alike through unrivalled energy efficiency and reliability.”Richard Lek added: “Collaboration with Tabreed allows us to demonstrate how proven technologies and data-driven services can raise the performance bar for district cooling – at scale. Together we’ll help better meet the demand for cooling in rapidly growing urbanisations while reducing power consumption and emissions, and improving quality of life.”This collaboration will be built on two main pillars. Firstly, advanced chiller technology, where Johnson Controls will provide a wide range of large-capacity chillers with variable-speed drives and modular systems for flexible loads, all engineered to reduce energy use and maintenance requirements while optimising space within Tabreed’s district cooling plants. Secondly, end-to-end lifecycle services will cover design and engineering support, commissioning and retro-commissioning, performance guarantees based on KPIs, upgrades and retrofits, and remote monitoring through network operations centres to extend asset life and reduce overall ownership costs.The framework aligns with global sustainability goals by prioritising energy-efficient, low-emission technologies, adopting refrigerants with a lower environmental impact, while applying circular-economy and resource-efficiency principles that connect plant-level improvements to wider policy decarbonisation outcomes.According to the IEA - International Energy Agency, operational energy used in buildings globally represents about 30% of final energy consumption. District cooling, which centralises cooling production and distribution, offers a more sustainable and cost effective solution than conventional air conditioning as it significantly reduces energy consumption, lowers peak power demand and minimises the environmental impact of cooling.

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calendar_month September 16, 2025

Tabreed Shareholders Approve First-Ever Interim Dividend as First-half Revenue Reaches All-Time High Driven by Capacity Growth

First-ever interim dividend of 6.5 fils per share, representing AED 184.9 million, approved for H1 2025Revenue rose 3% year-on-year to AED 1.11 billion in H1 2025, the highest first-half in the company’s history, driven by higher cooling demand and capacity additions across key marketsTabreed adds a record 41.6k RT in H1 2025 – almost twice the capacity added in full-year 2024 – to reach 1.37 million RT with major contributions from the UAE and Saudi ArabiaPAL Cooling acquisition and Palm Jebel Ali concession, the two largest strategic deals in Tabreed’s history, expand total site capacity to ~2.6 million RT and reinforce long-term, capital-efficient growthAbu Dhabi, United Arab Emirates – 15 September 2025: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today confirmed shareholder approval at its General Assembly for an interim dividend of 6.5 fils per share, representing AED 184.9 million, for the first half of 2025. This marks the first interim dividend in Tabreed’s 27-year history, reflecting the company’s record first-half performance, with revenue rising 3% year-on-year to AED 1.11 billion and net profit reaching AED 276 million, supported by strong cooling demand and significant capacity growth across key markets.Tabreed’s growth momentum continued in the first half of 2025, with total connected capacity reaching 1.37 million RT following a record 41.6k RT of new connections, almost double the capacity added in all of 2024. Strong contributions from the UAE and Saudi Arabia underline the company’s position as a truly cross-regional operator and set the stage for the next phase of growth. At the same time, Tabreed advanced its long-term strategy with two landmark developments, the PAL Cooling acquisition and the Palm Jebel Ali concession. Together, these transactions represent the largest in the company’s history, expanding total site capacity to approximately 2.6 million RT and strengthening the foundation for capital-efficient growth, recurring cash flows, and a platform capable of delivering sustained value well beyond 2025.Commenting on the milestone dividend, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed continues to build on its strong foundations, combining record first-half results with strategic milestones that reinforce the scalability of our platform. The approval of the company’s first-ever interim dividend reflects this strength and our commitment to shareholders, underlining the confidence we have in delivering sustainable long-term value. With capacity growth across the UAE and Saudi Arabia, alongside landmark transactions such as the PAL Cooling acquisition and Palm Jebel Ali concession, Tabreed is well positioned to pursue its growth agenda while maintaining capital discipline and a clear focus on shareholder returns.”Robust free cash flow and disciplined capital allocation supported both growth investment and shareholder returns in the first half of 2025. The successful issuance of a USD 700 million Green Sukuk, under the company’s Green Finance Framework, strengthened the balance sheet and enhanced liquidity, underpinned by investment-grade credit ratings from Moody’s and Fitch. At the same time, Tabreed is embedding sustainability across its operations, from deploying renewable energy at select plants to piloting low carbon cooling solutions, reinforcing its role as a long-term partner in the region’s energy transition.Key DatesGeneral Assembly approval: 15 September 2025Last entitlement date (last day to purchase): 23 September 2025Ex-dividend date: 24 September 2025Record date: 25 September 2025Dividend payment: On or before 15 October 2025 - ENDS -

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calendar_month September 11, 2025

Tabreed Connects its Sustainable Cooling to Dubai’s City Tower 1

Supplying 5,300 RT to 93 floors of premium residential, retail and business spaceAbu Dhabi, United Arab Emirates – 11 September 2025: Tabreed, the world’s leading district cooling company, is pleased to announce a significant new connection to one of its networks in Dubai: The93-storey City Tower 1, a development by H&H, now being supplied with 5,300 Refrigeration Tons (RT) of sustainable cooling from Tabreed’s existing DC plant in the Al Satwa district.Standing at 362.8 metres, opposite the iconic Emirates Towers and the Museum of the Future on Sheik Zayed Road, City Tower 1 features 695 residences ranging from studio to 4-bedroom apartments, four floors of office space, two retail spaces, a gym, an indoor play area for children, an outdoor playground, pools for adults and children, a mini soccer field and two padel courts.Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said: “Tabreed is proud to contribute to the development of the UAE’s most iconic real estate projects by delivering sustainable, reliable solutions that support national growth and energy efficiency objectives. Connecting City Tower 1 to one of our pre-existing networks clearly demonstrates our commitment to Dubai’s continued progress. “Our presence in the city is unmistakable, with Tabreed’s Downtown Dubai network supplying Burj Khalifa, Dubai Mall, Dubai Opera and many other landmark developments with sustainable cooling. Tabreed is a force for good in the UAE and continues to play an essential role in enabling the region’s urban transformation while creating lasting value for developers, investors and communities alike.”Miltos Bosinis, Chief Executive Officer, H&H, added: “City Tower 1 is a landmark addition to the Sheikh Zayed Road skyline and a reflection of H&H’s ambition to redefine Dubai’s urban landscape. With this development, we are introducing a new standard of living that combines our signature quality with a level of service designed for today’s discerning tenants. City Tower 1 speaks directly to the future of the city; innovative, connected and uncompromising in excellence.To ensure comfort and efficiency, H&H partnered with Tabreed, the UAE’s leading district cooling provider, to install a state-of-the-art cooling system. This collaboration highlights H&H’s commitment to building elite destinations supported by innovative infrastructure solutions.”This latest milestone follows a period of record growth for Tabreed, with 2025 seeing two of the biggest deals in its 27-year history. In June, Tabreed announced the acquisition of PAL Cooling Holding in partnership with CVC DIF, adding more than 182,000 Refrigeration Tons (RT) of connected capacity across Abu Dhabi and securing a long-term growth pipeline of up to 600,000 RT. In May 2025, Tabreed also secured an exclusive 250,000 RT concession at Palm Jebel Ali, in partnership with Dubai Holding Investments, further cementing its position as a critical infrastructure partner for the region’s most ambitious developments.

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