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

Tabreed, a leading district cooling company, successfully raised USD 700 million through its inaugural five-year green sukuk, marking the first issuance under its new USD 1.5 billion trust certificate program. The sukuk will be listed on the London Stock Exchange's International Securities Market. The issuance attracted strong demand from local, regional, and international investors, leading to a 2.6 times oversubscription. It was competitively priced with a profit rate of 5.279%, achieving the tightest credit spread for a five-year instrument by Tabreed or any other UAE corporate sukuk with a similar credit rating. The high demand was supported by investment-grade credit ratings from Moody's and Fitch. Proceeds from the sukuk will be used in accordance with Tabreed's Green Financing Framework to finance or refinance eligible green projects, including district cooling schemes, energy and water efficiency, and wastewater management projects.

Sean Magee, the Board Secretary, informed H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the Securities & Commodities Authority, and H.E. Hamed Ahmad Ali, CEO of the Dubai Financial Market, about the pricing of USD 700 million green sukuk by the National Central Cooling Company PJSC ("Tabreed"). These sukuk are issued in a Regulation S format with a five-year tenor and a profit rate of 5.279%. The issuance is supported by investment-grade credit ratings from Moody's and Fitch, rated "Baa3" and "BBB" respectively. The proceeds will be used to finance or refinance projects aligned with Tabreed’s Green Financing Framework. The sukuk is expected to be settled this week.

The Board of Directors of National Central Cooling Company PJSC (Tabreed) invites shareholders to attend the annual general assembly meeting on Tuesday, March 25, 2025, at 1:00 PM UAE time. Shareholders can attend in person at the company's headquarters in Masdar City, Abu Dhabi, or virtually via an electronic link sent after registration. The agenda includes authorizing the chairman to appoint a meeting secretary and vote collector, and a special resolution to authorize the Board to issue additional non-convertible bonds, sukuk, or similar instruments up to USD 2 billion, in compliance with applicable laws and regulations.

The text is a clarifying disclosure regarding the approval of delegation of authority to attend general assemblies, according to Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. It informs shareholders that they may delegate someone, other than board members or company staff, to attend the general assembly on their behalf through a written delegation. The agent must have the right to attend and vote, and should not represent more than 5% of the company's issued capital. Those lacking legal capacity must be represented by their legal representatives. The shareholder's signature on the power of attorney must be approved by a notary public, a chamber of commerce or economic department, a bank or licensed company (provided the agent has an account with them), or licensed financial markets in the country.

Sean Magee, the Board Secretary, addressed a letter dated 18 February 2025 to H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the Securities & Commodities Authority in Abu Dhabi, UAE, and H.E. Hamed Ahmad Ali, CEO of the Dubai Financial Market, Dubai, UAE. The letter clarifies recent media reports about Tabreed's CFO's comments on debt refinancing plans. It confirms that the statement aligns with business and financial updates shared with the market, which are available on Tabreed's website. Tabreed is evaluating refinancing options as part of standard financial practices and is committed to meeting disclosure and transparency requirements of the relevant authorities. Any significant developments will be disclosed once finalized. For further information, recipients are invited to contact the company.

Tabreed, a leading district cooling company in the UAE, announced its financial results for 2024, showing increased revenue and profits. Revenue reached AED 2.434 billion, with a net profit before tax of AED 624 million, a 4% rise from 2023. EBITDA grew by 5% to AED 1.252 billion, and net profit after tax increased by 32% to AED 570 million. The growth was driven by a 5% increase in consumption volumes and an expansion in connected capacity, including new plants in the UAE and Oman. Tabreed generated strong cash flows, using surplus to optimize its balance sheet and reduce debt by repurchasing USD 207 million of its sukuk. This debt management saved 15% in net financial costs, improving the net debt to EBITDA ratio to 3.7x. The Board of Directors recommended a dividend of 15.5 fils per share, highlighting a consistent annual growth rate of 8% in dividends over five years. New connections of 23,576 Refrigeration Tons were added across the UAE, Saudi Arabia, Oman, Egypt, and India.

The document is the consolidated financial statements for the National Central Cooling Company PJSC and its subsidiaries, covering the financial period ending on December 31, 2024.

On 13 February 2025, the Board of Directors of National Central Cooling Company PJSC, also known as Tabreed, held a meeting at 11:00 am. During the meeting, the Board approved the audited financial statements for the period ending 31 December 2024. They also agreed to release these financial statements and an accompanying press release to the Securities and Commodities Authority and the Dubai Financial Market, in accordance with the amended Article 36/11 of the Disclosure and Transparency Regulations from the year 2000.

The document is a notification dated 12 February 2025, addressed to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. It informs them of a Circular Resolution passed by the Board of Directors of the National Central Cooling Company PJSC ("Tabreed") under Article 36 of the Disclosure and Transparency Regulations. The resolution includes the approval of the resignation of Ms. Marion Deridder Blondel from the Board and the appointment of Ms. Janis Rey Lozada as her replacement. The notification is issued by Sean Magee, the Company Secretary.