Latest news with #DubaiHoldingInvestments
Mid East Info
14-05-2025
- Business
- Mid East Info
Tabreed Releases its Q1 2025 Financial Results and Gears Up for Extensive Growth with New Joint Venture - Middle East Business News and Information
EBITDA and net profit both increase over same period in 2024 Major announcements include signing biggest deal in company's 27-year history Abu Dhabi, United Arab Emirates – May 2025: Tabreed, the world's leading district cooling company, has released its consolidated financial results for the first quarter of 2025, once again reporting increases in EBITDA and net profit over the same period last year. The company's EBITDA increased by 4% year-on-year to AED 283 million, with an improved margin of 61%, while net profit after tax increased to AED 115 million in Q1 2025, growing by 3% compared to Q1 2024. While the company's financial performance remained steady during the first quarter of 2025, in this period Tabreed made significant announcements regarding developments that will positively impact its long-term outlook and portfolio growth. The first of these was the raising of USD 700 million via the issuance of a Green Sukuk with a competitive profit rate of 5.279%, attracting strong international investor demand. The proceeds were used for refinancing, in line with eligible use according to Tabreed's Green Finance Framework. As a result of this refinancing, Tabreed demonstrated further strengthening of its balance sheet, with the majority of its short-term debt converted into longer term maturities, along with further reduction in net debt by 3% YTD and savings in net finance costs of 7% YoY. As a result, leverage further improved with a net debt to EBITDA ratio of 3.55x (compared to 3.7x on 31 December 2024). The second major announcement, following a special signing ceremony held in Dubai on 16 March, confirmed that Tabreed had entered a concession agreement in partnership with Dubai Holding Investments to exclusively provide district cooling services to one of the region's most eagerly awaited projects: Palm Jebel Ali. This is an important milestone in the history of Tabreed – a 250,000 Refrigeration Ton (RT) concession representing approximately one fifth of the company's connected capacity. The network will require an estimated investment of AED 1.5 billion, making it the biggest greenfield deal in Tabreed's 27-year history, and enhances its competitive position in the fast-moving, dynamic Dubai market. Also during the first quarter of 2025, shareholders approved a cash dividend of 15.5 fils per share for 2024, implying attractive yield of 5.6% (at a share price of AED 2.76 as of 12 May 2025). The company's financial position remained strong, allowing it to invest in accelerating growth while returning cash to shareholders in the form of dividends, thereby delivering sustainable long term value creation. Q1 also saw 4,599 RT of new customer connections added within the UAE and new capacity addition is expected to gather pace in the coming months. Financial highlights – three months ended 31 March 2025: Group revenue remained broadly stable at AED 466 million (Q1 2024: AED 468 million) EBITDA increased by 4% YoY to AED 283 million (Q1 2024: AED 272 million) Net profit after tax increased by 3% to AED 115 million (Q1 2024: AED 112 million) Operational highlights – three months ended 31 March 2025: Consumption volumes decreased by 7%, due to colder weather than experienced during first quarter of 2024 Total connected capacity reached 1.33 million Refrigeration Tons (RT) 4,599 Refrigeration Tons (RT) of new customer connections added in the UAE Chairman of Tabreed, Dr Bakheet Al Katheeri, said: 'On the surface all appears 'business as usual' and, indeed, the Q1 results demonstrate a company with stability and dependability at its core. While this is entirely true, behind the scenes there is incredible drive and energy facilitating substantial expansion in key markets, Dubai being a prime example. Our recent landmark deal with Dubai Holding Investments perfectly encapsulates the spirit of Tabreed, which prizes strategic partnerships with organisations aligned with our values and objectives. 'Tabreed's resilience is one of its hallmarks and only through prudent financial stewardship is the company in a position to commit to such long-term, significant investments. The value to investors will increase, the positive environmental impact continuing to grow, with greater uptake of its globally renowned services. The future is brighter than ever for Tabreed and I look forward to seeing it flourish for many years to come.' About National Central Cooling Company PJSC (Tabreed) Tabreed provides essential and sustainable district cooling services to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, Dubai Mall, Dubai Opera, Dubai Metro, Bahrain Financial Harbor and the Jabal Omar Development in the Holy City of Makkah. The company owns and operates 92 plants in its portfolio, including 76 in the United Arab Emirates, five in the Kingdom of Saudi Arabia, eight in Oman, one in the Kingdom of Bahrain, one in India and one in Egypt, in addition to other international projects and operations. Tabreed is a leading driver of progress for people, communities, and environments around the world towards a more sustainable future. Founded in 1998 and publicly listed on the Dubai Financial Market, it is one of the UAE's strongest growth companies. Through its extensive regional and international operations, industry-leading reliability and efficiency, R&D programmes and investment in AI technology, Tabreed further solidifies its position as the industry's global leader. In addition to district cooling, Tabreed's energy efficiency services extend the company's sustainability impact, helping businesses and organisations to improve their overall energy consumption, in turn preventing CO2 emissions and assisting in the achievement of carbon neutrality objectives.
Arabian Business
14-05-2025
- Business
- Arabian Business
Tabreed has a flat Q1 but excitement builds over its Palm Jebel Ali deal
National Central Cooling Company (Tabreed), the Abu Dhabi-based district cooling company, reported flat revenue for the first quarter of 2025 as consumption decreased nearly 7 per cent due to colder-than-average weather in the UAE. EBITDA and net profit increased year-on-year, but group revenue slipped marginally by AED2 million (US$540,000) to AED466 million (US$126.9 million). For Q1 2024, the company had reported revenue of AED468 million (US$127.4 million). Tabreed's EBITDA increased by 4 per cent YoY to AED283 million (US$77.1 million), with an improved margin of 61 per cent, while net profit after tax increased to AED115 million (US$31.3 million), growing by 3 per cent compared to Q1 2024. While consumption volumes decreased by 7 per cent in first quarter, Tabreed's total connected capacity reached 1.33 million Refrigeration Tons (RT), having added 4,599 RT of new customer connections in the quarter. Dr Bakheet Al Katheeri, Chairman of Tabreed, focused on the future and his company's historic recent deal with Dubai Holding Investments. 'On the surface all appears 'business as usual' and, indeed, the Q1 results demonstrate a company with stability and dependability at its core. While this is entirely true, behind the scenes, there is incredible drive and energy facilitating substantial expansion in key markets, Dubai being a prime example,' said Dr Al Katheeri. 'Our recent landmark deal with Dubai Holding Investments perfectly encapsulates the spirit of Tabreed, which prizes strategic partnerships with organisations aligned with our values and objectives. 'Tabreed's resilience is one of its hallmarks and only through prudent financial stewardship is the company in a position to commit to such long-term, significant investments. The value to investors will increase, the positive environmental impact will continue to grow, with greater uptake of its globally renowned services. The future is brighter than ever for Tabreed.' Major district cooling deal The Dubai Holding announcement was made in March, which confirmed that Tabreed had entered a concession agreement in partnership with Dubai Holding Investments to exclusively provide district cooling services to Palm Jebel Ali, one of the region's most eagerly awaited projects. The 250,000 RT concession is a significant milestone in Tabreed's history, as it represents roughly one-fifth of the company's total connected capacity. The network will require an estimated investment of AED1.5 billion (US$410 million), making it the biggest greenfield deal in Tabreed's 27-year history. The company owns and operates 92 plants in its portfolio, including 76 in the United Arab Emirates, and provides air-conditioning to such iconic UAE developments as Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, Dubai Mall, Dubai Opera, Dubai Metro and the Jabal Omar Development in the Holy City of Makkah.
Al Etihad
14-05-2025
- Business
- Al Etihad
Tabreed reports Dh115 million net profit in Q1 2025
14 May 2025 10:52 ABU DHABI (WAM)Tabreed has released its consolidated financial results for the first quarter of 2025, reporting increases in EBITDA and net profit over the same period last year. The company's EBITDA increased by 4 per cent year-on-year to Dh283 million, with an improved margin of 61 per cent, while net profit after tax increased to Dh115 million in Q1 2025, growing by 3 per cent compared to Q1 the company's financial performance remained steady during the first quarter of 2025, in this period Tabreed made significant announcements regarding developments that will positively impact its long-term outlook and portfolio first of these was the raising of $700 million via the issuance of a Green Sukuk with a competitive profit rate of 5.279 per cent, attracting strong international investor demand. The proceeds were used for refinancing, in line with eligible use according to Tabreed's Green Finance shareholders approved a cash dividend of 15.5 fils per share for 2024, implying attractive yield of 5.6 per cent (at a share price of Dh2.76 as of May 12, 2025). The company's financial position remained strong, allowing it to invest in accelerating growth while returning cash to shareholders in the form of dividends, thereby delivering sustainable long term value creation.Q1 also saw 4,599 refrigeration tonnes of new customer connections added within the UAE and new capacity addition is expected to gather pace in the coming of Tabreed Dr. Bakheet Al Katheeri said, "The Q1 results demonstrate a company with stability and dependability at its core. While this is entirely true, behind the scenes there is incredible drive and energy facilitating substantial expansion in key markets, Dubai being a prime example. Our recent landmark deal with Dubai Holding Investments perfectly encapsulates the spirit of Tabreed, which prizes strategic partnerships with organisations aligned with our values and objectives.'
Arabian Business
31-03-2025
- Business
- Arabian Business
Tabreed and Dubai Holding form JV to build $410mn district cooling network for Palm Jebel Ali
National Central Cooling Company (Tabreed) and Dubai Holding Investments, part of Dubai Holding, have entered a concession agreement to build a district cooling network for Palm Jebel Ali at an estimated cost of AED1.5 billion ($410 million). Tabreed will hold a 51 per cent stake in the joint venture and Dubai Holding Investments 49 per cent. The JV is supported by Tabreed's major shareholders, sovereign investor Mubadala (42 per cent) and the French low-carbon energy and services company ENGIE (40 per cent). Subject to approvals, construction of the district cooling network is expected to commence in the second quarter of 2025, with the first cooling services expected to be delivered by 2027. Once complete, the system will generate approximately 250,000 RTs of cooling capacity. Major milestone for Tabreed Dr Bakheet Al Katheeri, Chairman of Tabreed and Chief Executive Officer of Mubadala's UAE Investments Platform, commented: 'Mubadala has a worldwide reputation for being a responsible investor with an unwavering focus on its ESG framework and Tabreed is a vital part of our portfolio as a driver of sustainability and societal progress. 'The signing marks a major milestone in Tabreed's 27-year history and underscores the company's commitment to providing sustainable, high-efficiency cooling solutions for large-scale developments. I am eagerly looking forward to witnessing the successful progress of this landmark project.' Omar Karim, Chief Executive Officer of Dubai Holding Investments, added: 'This agreement reinforces Dubai Holding's long-term vision of developing sustainable communities with high-quality infrastructure at their core. 'Palm Jebel Ali is one of Dubai's most ambitious developments and by incorporating district cooling services, we support our customers and align to our commitment to deliver future-ready urban environments.' Tabreed has provided district cooling services to several iconic UAE developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, Dubai Mall, Dubai Opera, Dubai Metro, Bahrain Financial Harbour, as well as the Jabal Omar Development in the Holy City of Makkah. Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said: 'Palm Jebel Ali is a transformative project that will shape Dubai's future, and we are proud to play a role in ensuring its infrastructure meets world-class standards. With our extensive experience and cutting-edge technology, we will deliver reliable and environmentally responsible cooling that benefits residents, visitors and stakeholders.' Founded in 1998, Tabreed owns and operates 92 plants in its portfolio, including 76 in the UAE, five in Saudi Arabia, eight in Oman, one in the Kingdom of Bahrain, one in India and one in Egypt, in addition to other international projects and operations. Dubai Holding, established in 2004, is a diversified global investment company with investments in more than 30 countries. It has an extensive portfolio of over AED284 billion ($77.3 billion) worth of assets that support the diversification and sustainable growth of Dubai's economy across 10 key sectors, including real estate, hospitality, retail, leisure & entertainment and media.
Zawya
24-03-2025
- Business
- Zawya
Tabreed, Dubai Holding to set up district cooling JV for Palm Jebel Ali
UAE - National Central Cooling Company (Tabreed) has announced that it has entered into a concession agreement with Dubai Holding Investments, a part of Dubai Holding Group, to provide district cooling services for Palm Jebel Ali in Dubai. The agreement will see the establishment of a joint venture, with Tabreed holding a 51% stake and Dubai Holding Investments 49%. The duo will set up the district cooling network at an investment of AED 1.5 billion ($408 million). Supported by Tabreed's major shareholders, sovereign investor Mubadala (42%) and the French low-carbon energy and services company Engie (40%), this structure is designed to optimise cooling capacity, enhance information-sharing and strengthen customer protection, while ensuring sustainable cooling solutions for one of Dubai's most transformative developments. The agreement was signed by Tabreed CEO Khalid Al Marzooqi and Dubai Holding Investments CEO Omar Karim in the presence of senior officials from Tabreed, Dubai Holding, Mubadala and Engie. Subject to customary approvals, construction of the district cooling network is expected to commence in Q2 2025, with the first cooling services expected to be delivered by 2027. Over time, the system will address the need for approximately 250,000 RTs of cooling capacity, it added. Subject to customary approvals, construction of the district cooling network is expected to commence in Q2 2025, with the first cooling services expected to be delivered by 2027. Over time, the system will address the need for approximately 250,000 RTs of cooling capacity, it added. Speaking on the occasion, Chairman of Tabreed and CEO of Mubadala's UAE Investments Platform, Dr Bakheet Al Katheeri, said: "Mubadala has a worldwide reputation for being a responsible investor with an unwavering focus on its ESG framework and Tabreed is a vital part of our portfolio as a driver of sustainability and societal progress." "The signing marks a major milestone in Tabreed's 27-year history and underscores the company's commitment to providing sustainable, high-efficiency cooling solutions for large-scale developments. I am eagerly looking forward to witnessing the successful progress of this landmark project," he stated. On the strategic deal, Karim said: "This agreement reinforces Dubai Holding's long-term vision of developing sustainable communities with high-quality infrastructure at their core. Palm Jebel Ali is one of Dubai's most ambitious developments and by incorporating district cooling services we support our customers and align to our commitment to deliver future-ready urban environments." Al Marzooqi said: "Palm Jebel Ali is a transformative project that will shape Dubai's future and we are proud to play a role in ensuring its infrastructure meets world-class standards." "With our extensive experience and cutting-edge technology, we will deliver reliable and environmentally responsible cooling that benefits residents, visitors and stakeholders alike," he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
