Press releases, Reports & Disclosures for National Central Cooling Co.

Tabreed, a leading district cooling company, won two major awards at the 2024 Asian Power Awards in Singapore for its innovative projects in renewable geothermal energy and efficiency advancements. The company received the 'Geothermal Power Project of the Year – Gold' and 'District Cooling Initiative of the Year – UAE' awards. The awards recognize groundbreaking projects by power and energy companies addressing climate change and energy demand. Tabreed's 'G2COOL' Geothermal Project in Masdar City, Abu Dhabi, developed with ADNOC, uses geothermal energy for cooling, marking a first in the Gulf region and supporting the UAE's National Energy Strategy 2050. The project achieves higher electrical efficiency and reduces emissions. The District Cooling Initiative award acknowledges a pilot study with HT Materials Science in Abu Dhabi, using 'Maxwell' nanofluid technology to enhance heat transfer, improving cooling system efficiency by about 15%.

Tabreed, a leading district cooling company, has partnered with xCube to serve as the Liquidity Provider for its shares on the Dubai Financial Market (DFM). This collaboration aims to improve trading liquidity, enhance market efficiency, and boost investor confidence. xCube will facilitate trades by providing continuous liquidity and fair pricing, with its ownership of Tabreed shares not exceeding 5% of the total listed shares. The partnership aligns with Tabreed’s goals of increasing trading liquidity, price transparency, and investor participation. Tabreed recently reported strong financial results for the first half of 2024, with a 4% increase in normalized net profit before tax, driven by higher consumption volumes and business expansion.

Tabreed, a leading district cooling company, recently concluded its participation in the third World Utilities Congress held at the Abu Dhabi National Exhibition Centre. The event, which has become a significant gathering for global utilities companies since its inception in May 2022, attracted a record number of delegates, visitors, and industry leaders. Tabreed's senior management participated in various panel discussions and presentations, addressing issues such as sustainable cooling, policy and regulation, and carbon pricing. The company showcased its new geothermal plant and other innovations at its prominently located exhibition stand. CEO Khalid Al Marzooqi highlighted Tabreed's role as a major utility provider and its pride in being the Exclusive Cooling Partner for the event.

Sean Magee, Board Secretary, addressed a letter dated 18 September 2024 to H.E Dr. Maryam Buti Al Suwaidi, CEO of the Securities & Commodities Authority, and H.E Hamed Ali, CEO of the Dubai Financial Market. The letter clarifies recent media reports about statements attributed to Tabreed's CEO regarding future expansion into new markets. The company states that these quotes were inaccurate and that the CEO was speaking hypothetically about growth aspirations rather than concrete plans. Tabreed is focused on exploring promising investment opportunities to create long-term value for shareholders and operates in the UAE, four GCC countries, India, and Egypt. The company reaffirms its commitment to transparency and disclosure requirements and will disclose material information to the market once finalized. For further information, recipients are invited to contact the company.

On 9 September 2024, the Board of Directors of the National Central Cooling Company (PJSC) held a meeting to discuss the company's business and operations. This meeting was conducted in accordance with Articles 36/7 and 36/11 of the Disclosure and Transparency Regulations number 3 of 2000, as amended. The notification was addressed to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market in Dubai. The letter was signed by Sean Magee, Board Secretary.

The text is a formal notification addressed to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market in Dubai. The letter, dated 4 September 2024, informs them of a scheduled Board of Directors meeting for the National Central Cooling Company (PJSC) to be held on 9 September 2024 at 9:00 AM. The meeting will discuss the company's business and operations. The notification references Article 36/11 of the Disclosure and Transparency Regulations number (3) for the year 2000, as amended. The letter is signed by Sean Magee, Company Secretary.

Tabreed, a leading district cooling company, has achieved the 'Verified Carbon Standard' at one of its Abu Dhabi plants, marking a significant step in decarbonizing the cooling sector. The certification, carried out by the independent agency Verra, followed a year-long review and confirmed the plant's high energy efficiency and substantial environmental benefits. The facility, which supplies a prominent commercial and tourist development, prevents approximately 19,320 tons of carbon emissions annually by reducing electricity consumption compared to conventional cooling systems. This certification allows Tabreed to trade carbon credits in the voluntary market, a first for any district cooling company. The success of this project enables Tabreed to apply the same energy-efficient methodology to other facilities, potentially generating additional revenue through carbon credit trading. This achievement follows Tabreed’s renewable energy initiatives, including a collaboration with ADNOC to create the region’s first geothermal-powered district cooling plant.

On 9 August 2024, Tabreed, the National Central Cooling Company (PJSC), held an earnings call at 3 PM to discuss its financial results for the period ending 30 June 2024. The documents related to the earnings call are available on the company's Investor Relations website. This information was communicated to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. The letter was signed by Sean Magee, the Company Secretary.

Tabreed, a leading district cooling company in the UAE, reported strong financial results for the first half of 2024, driven by increased consumption volumes and strategic expansion. The company saw an 8% year-on-year increase in cooling demand, leading to a 4% rise in net profit before tax to AED 291 million. EBITDA grew to AED 603 million, and group revenue increased slightly to AED 1.08 billion. The EBITDA margin improved to 56%. Tabreed also generated free cash flows of AED 978 million over the past 12 months, reducing its debt by 12% through repurchasing USD 207 million of its outstanding sukuk. Including previous buybacks, the total repurchased sukuk amounts to USD 240 million. The company increased cash dividends by 15% year-on-year. Additionally, Dr. Bakheet Al Katheeri was appointed as Chairman, and Mansoor Mohamed Al Hamed joined the Board of Directors.