National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its 2017 first half consolidated financial results. The company continues to deliver solid performance and growth driven by its core chilled water business with new capacity and connections added across the GCC. The company also announced good progress towards completing the transaction to introduce ENGIE as a new major shareholder of Tabreed.Financial highlights – six months ended 30 June 2017:· Net profit attributable to the parent increased by 20 per cent to AED 192.7 million (H1 2016: AED 160.5 million)· Earnings per share increased by 20 per cent to 7.1 fils (H1 2016: 5.9 fils)· Group revenue increased by 10 per cent to AED 639.2 million (H1 2016: AED 578.6 million)· Core chilled water revenue increased by 17 per cent to AED 602.3 million (H1 2016: AED 516.0 million)· EBITDA increased by 12 per cent to AED 308.0 million (H1 2016: AED 275.4 million)· Share of results of associates and joint ventures increased by 29 per cent to AED 62.4 million (H1 2016: AED 48.2 million)Operational highlights – six months ended 30 June 2017:· Total Group connected capacity across the GCC increased to 1,084,451 Refrigeration Tons (RT), with 36,040 RT of new customer connections added in the first half of the year, as follows:· 22,863 RT in the United Arab Emirates· 3,000 RT in Bahrain· 10,177 RT in other regions· 595 million kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 20,000 homes every year· This prevented the release of almost 297,500 tons of carbon dioxide – the equivalent of eliminating the emissions of 59,500 vehicles annuallyIn other developments, the company recently announced that global energy leader ENGIE will purchase 40% of Tabreed from Mubadala through the conversion of Mubadala’s Mandatory Convertible Bonds (MCBs) and transfer of 1.086 billion shares to ENGIE. Further to that announcement, at their meeting on 26 July, Tabreed’s Board of Directors approved the necessary increase in Tabreed’s share capital and conversion of the MCBs to shares.The transaction is expected to complete in the third quarter of 2017 once required regulatory approvals are obtained.Khaled Abdulla Al Qubaisi, Chairman, commented: “Tabreed has earned a leading position in district cooling with a clear vision to deliver consistent and sustainable results to investors and shareholders. This is reflected in Tabreed’s robust performance in the first half of 2017 with a net profit increase of 20 percent to AED 192.7 million. Its sound business model and growing customer and partner confidence is also reflected in the recent announcement of a major investment in Tabreed by global energy leader ENGIE, who will harness their long-standing experience to support Tabreed’s growth strategy and reinforce its reputation as a leading regional utility offering best in-class solutions and high quality long-term services.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed is going from strength to strength with a growing presence across the GCC region, where we are proud to cool landmark projects and critical infrastructure developments. This is essential to driving business results and economic development. Profits from our associates and joint ventures has increased by 29 per cent to AED 62.4 million.”Thabet continued: “The planned investment in Tabreed by global energy leader ENGIE is further testament to Tabreed’s financial strength and leading market position. Tabreed Board approval of the necessary increase in share capital, and conversion of the MCBs, is a significant step and we look forward to welcoming ENGIE as a major shareholder of Tabreed. This brings us one step closer to the successful completion of the transaction, expected in the third quarter of 2017.As we look forward, our focus will continue to be on delivering high quality and advanced solutions and services to meet the region’s rising cooling needs, where we are well positioned to capture growth opportunities.”Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. 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.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, is pleased to announce that ENGIE is making an investment of approximately AED 2.8 billion to become a significant shareholder in Tabreed. Headquartered in France, ENGIE is a multinational energy leader and expert operator in the business of electricity, natural gas and energy services. As outlined in an announcement made earlier today by Mubadala Investment Company (Mubadala) and ENGIE, Mubadala will convert all of its mandatory convertible bonds into shares, with 1.086 billion shares (equivalent to a 40% shareholding in Tabreed) being transferred to ENGIE at a price of approximately AED 2.62 per share. The remaining shares will be retained by Mubadala, taking its total shareholding in Tabreed to 1.137 billion shares, or approximately 42%.Jasim Thabet, CEO of Tabreed, said following the signing ceremony: “This is a very positive development for Tabreed which underscores the progress made by Tabreed over the last several years as a leading district cooling company in the region. As Tabreed enters a new phase of growth, we are confident that we will benefit from ENGIE’s global industry-leading experience, especially in the areas of operations and business development which are cornerstones of our expansion strategy across the GCC. This new partnership is a strong endorsement of Tabreed’s financial strength and leading market position. We are very well placed to take advantage of growth opportunities in the region and we expect the presence of a global player like ENGIE to further enable us to reach our long-term objectives. We welcome ENGIE to Tabreed and express our continued appreciation to Mubadala for its support as a major shareholder in Tabreed.”The transaction is expected to complete in the third quarter of 2017 once the required regulatory approvals are granted.Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 71 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.

Khaled Al Qubaisi appointed Chairman of Tabreed’s Board of DirectorsNational Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its 2017 first quarter (Q1) financial results. The Company’s performance benefited from the new connections made last year, in addition to over 20,000 Refrigerated Tons (RT) added during Q1 2017. These new connections, combined with Tabreed’s existing presence in the GCC, resulted in net profit increasing by 19% to AED 75.4 million.Financial highlights – three months ended 31 March 2017:Net profit attributable to the parent increased by 19 percent to AED 75.4 million (Q1 2016: AED 63.4 million)Earnings per share increased by 19 percent to AED 0.03Core chilled water revenue increased by 15 percent to AED 255.2 million (Q1 2016: AED 222.3 million)Share of results of associates and joint ventures increased by 5 percent to AED 22.9 million (Q1 2016: AED 21.9 million)Group revenue increased by 6 percent to AED 270.2 million (Q1 2016: AED 255.5 million)EBITDA increased by 13 percent to AED 140.8 million (Q1 2016: AED 124.8 million)Increased dividend distributed to shareholders for the fiscal year 2016 by 8 percent, to 6.5 fils per shareOperational highlights – three months ended 31 March 2017:Total group connected capacity across the GCC totaled 1,068,438 RT with 20,027 RT added in the first quarter of 2017, including:16,227 RT in the United Arab Emirates3,800 RT in QatarEnvironmental highlights – three months ended 31 March 2017:174 million kilowatt hours was saved across the GCC – enough energy to power approximately 5,800 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 87,200 tons of carbon dioxide – the equivalent of eliminating the emissions of 17,400 vehicles annuallyTabreed’s Board of Directors also appointed Khaled Abdulla Al Qubaisi as Tabreed’s Chairman, succeeding Waleed Al Mokarrab Al Muhairi, who was instrumental in guiding the company through its recapitalization and return to profitability.Al Qubaisi, said: “The 19 percent increase in our net profit for Q1 2017 highlights the strengths of our core chilled water business, which continues to grow as a result of the new projects coming on line to supplement our strong existing operations across the GCC. Tabreed’s priority going forward continues to be delivering stable returns to shareholders, whilst expanding our operations throughout the GCC to boost the company’s long-term growth and success.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “As the leading district cooling company in the GCC, Tabreed is the partner of choice for providing energy-efficient, cost-effective and environmentally-friendly cooling solutions to organizations across the region. We strive to strengthen our presence in the region by building strategic partnerships with leading private and government entities, and delivering innovative district cooling solutions to our customers.”Thabet continued: “During the first quarter of 2017, Tabreed continued to add to its portfolio of landmark projects it supports with the acquisition of ICT’s district cooling plant, which provides cooling to the Nation Towers in Abu Dhabi.”The new board now consists of Ahmed Saeed Al Calily as Vice-Chairman, His Excellency Dr. Ahmad bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Higher Education, as well as, Mohamed Jameel Al Ramahi and Saeed Ali Al Dhaheri.Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Nation Towers development, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

8% higher cash dividend than 2015Shareholders of National Central Cooling Company PJSC (DFM: Tabreed), the regional UAE-based district cooling utility company, yesterday approved a dividend of 6.5 fils per share for the 2016 financial year.  This represents an 8% increase on the dividend paid out in 2015, driven by the company’s strong performance throughout 2016.The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), which was chaired by Khaled Abdulla Al Qubaisi, Tabreed’s board member, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.Commenting on the announcement, Al Qubaisi said: “As a well-capitalized, stable utility company delivering robust results, we are fully committed to providing profitable returns to our shareholders. The 8% increase in cash dividend per share for 2016 is evidence of Tabreed’s solid performance and continuous growth, which is in line with the UAE’s vision for economic diversification and sustainable development.”Addressing Tabreed’s shareholders earlier at the meeting, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “Tabreed is a partner of choice for developers when it comes to the cooling of major infrastructure projects. Our position and reputation enabled us to take on new projects and surpass 1 million Refrigeration Tons (RT) of cooling capacity in 2016. Providing high-quality and reliable cooling services to our existing customers and pursuing growth opportunities across the region will be our focus in the coming years.”Earlier this year, Tabreed released its audited financial results for 2016, which witnessed a robust 6% net profit increase to reach AED 367 million. The increase was mainly due to the addition of 74,034 RT to its existing cooling capacity during the year through the completion of projects such as Dubai Parks and Resorts and the acquisition of a cooling plant from International Capital Trading (ICT) in Abu Dhabi, building on Tabreed’s established presence in the GCC.Regionally, Tabreed now has several major projects under development, including King Khalid International Airport in Riyadh, Saudi Arabia, and a third district cooling plant in West Bay in Doha, Qatar.Tabreed provides district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, as well as all developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Pearl Island in Qatar, and the Aramco Development Project in Dhahran in the Kingdom of Saudi Arabia.

Board of Directors recommends increasing dividend to 6.5 fils per shareNational Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its audited 2016 financial results. The Company added 74,034 RT to its cooling capacity during the year through completion of projects such as Dubai Parks and Resorts in Dubai and the acquisition of a plant from International Capital Trading (‘ICT’) in Abu Dhabi. These additions combined with Tabreed’s existing presence in the GCC drove the company’s strong performance in 2016 with 6 percent higher net profit, reaching AED 367 million. As a result of this robust performance, Tabreed’s Board of Directors will recommend increasing cash dividends for 2016 to 6.5 fils per share (up from 6 fils per share for 2015).Financial highlights – twelve months ended 31 December 2016:* Net profit attributable to the parent increased by 6 percent to AED 367.4 million (2015: AED 345.3million)* Group revenue increased by 6 percent to AED 1,279.9 million (2015: AED 1,204.0 million)* Core chilled water profit from operations increased by 5 percent to AED 387.3 million (2015: AED 370.4 million)* EBITDA increased by 7 percent to AED 583.2 million (2015: AED 544.7 million)* Share of results of associates and joint ventures increased by 19 percent to AED 117.0million (2015: AED 98.7 million)Operational highlights – twelve months ended 31 December 2016:* Total group connected capacity crossed the 1m RT milestone during the year. Tabreed provides 1,048,411 RT to customer across the GCC with 74,034 RT added in 2016.o 62,496 RT of new customer connections made to major regional projects, including Dubai Parks and Resorts in Dubai and Jabal Omar Development Project in the Holy City of Meccao 11,538RT added following acquisition of ICT’s district cooling plant in Abu Dhabi, financed by a non-recourse project finance loan from FGB* New concession signed for 35,000 RT to supply cooling to King Khalid International Airport in Riyadh, Saudi Arabia* Over 1.4 billion kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 48,000 homes every year* This prevented the release of almost 713,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 143,000 vehicles annually* Emiratization reached nearly 40% throughout the company’s managementWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “We continue to demonstrate our ability to provide shareholder value by delivering consistent results, increasing our 2016 net profit by 6 percent to AED 367 million. Our operations throughout the GCC are the foundation of our business and play a key role in positioning the company for long-term growth and success. Our strength in the GCC is underscored by our growing list of projects, including King Khalid International Airport and the Jabal Omar project in the Kingdom of Saudi Arabia, among others.”“Our top priority continues to be delivering stable returns to our shareholders. Based on our strong performance in 2016, the company’s Board of Directors will recommend increasing cash dividends to 6.5 fils at the upcoming annual general assembly,” said Al Muhairi.Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “The development of new district cooling plants such as the one developed for Dubai Parks and Resorts, the largest integrated theme park destination in the region; and the acquisition of ICT’s district cooling plant which provides cooling to Nation Towers development, played a large role in our success and emphasizes the growing importance district cooling provides to our customers in terms of energy savings and environmental benefits. These projects have helped strengthen and expand our presence across the UAE, and enabled us to surpass the significant milestone of 1 million RT of cooling capacity.”“Over the coming years we plan to continue to provide high-quality and reliable cooling services to our customers as we have done for the past 19 years. This provides the foundation for further growth in our presence in the UAE and throughout the region,” said Thabet.Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

New acquisition increases Tabreed’s portfolio to 71 plantsNational Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility company, today announced the acquisition of a district cooling plant from International Capital Trading (‘ICT’). The acquisition will strengthen Tabreed’s portfolio to 71 district cooling plants throughout the GCC, and add more than 11,500 Refrigeration Tons (‘RT’) of cooling to its existing connected capacity.The district cooling plant provides cooling to ICT’s Nation Towers development, located on the Abu Dhabi Corniche which is considered one of the most prominent landmarks on Abu Dhabi’s skyline. The development includes Nation Galleria Mall, Nation Towers Offices, Nation Towers Residences, Nation Riviera Beach Club and the St. Regis Abu Dhabi Hotel.The district cooling plant will be owned by Prime District Cooling LLC (‘Prime’), a special purpose vehicle set up by Tabreed and ICT as JV partners to acquire the plant. Tabreed will own a 75% share in Prime with ICT holding the remaining 25% share of the JV. The acquisition has been mainly funded by an AED 80 million, 15 year non-recourse project finance loan from First Gulf Bank, Abu Dhabi.Jasim Husain Thabet, Tabreed’s CEO, said: “This acquisition expands our presence in Abu Dhabi by supplying cooling to one of the most exciting retail properties on the Abu Dhabi Corniche, increasing our current number of plants across the GCC to 71 plants. The acquisition underscores our commitment to support and fulfill current and future infrastructure needs of large scale developments. Our partnership with ICT, a leader in Abu Dhabi’s business environment, enables the landmark development to benefit from Tabreed’s 18 years of experience in operating and maintaining district cooling plants which in turn contributes to the sustainable and economic development of the UAE. We look forward to working with ICT on this venture and growing our portfolio of customers that we support across the region.” Hamad Abdullah Al Shamsi, ICT’s CEO, said: “Tabreed has a longstanding track record of providing quality services to its clients and partners in the UAE and across the GCC. Our partnership enhances our ability to provide Tabreed’s high quality and efficient district cooling services to the guests, residents and businesses of Nation Towers.”    Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

Connected capacity exceeds a Million Refrigeration TonsUAE: National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility infrastructure company, today released its 2016 third quarter consolidated financial results. Tabreed continues its strong performance, connecting more than 30,000 Refrigeration Tons (RT) to customers in key markets across the GCC, including the Dubai Parks and Resorts, which enabled it to surpass 1 million RT.Financial highlights – nine months ended 30 September 2016:Net profit attributable to the parent increased by 6 per cent to AED 269.3 million (Q3 2015: AED 253.8 million)Group revenue increased by 6 per cent to AED 960.3 million (Q3 2015: AED 904.3 million)Core chilled water revenue increased by 4 per cent to AED 870.6 million (Q3 2015: AED 834.2 million)EBITDA increased by 5 per cent to AED 434.8 million (Q3 2015: AED 414 million)Share of results of associates and joint ventures increased by 34 per cent to AED 79.9 million (Q3 2015: AED 59.7 million)Operational highlights – nine months ended 30 September 2016: Total Group connected capacity across the GCC reached 1,011,900 RT, with 37,113 RT of new customer connections added in the first nine months of the year as follows:34,513 RT in the United Arab Emirates1,600 RT in Qatar1,000 RT in Oman1.1 billion kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 35,600 homes every yearThis prevented the release of almost 533,900 tons of carbon dioxide – the equivalent of eliminating the emissions of 106,800 vehicles annuallyWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s ongoing momentum imparts strength and confidence. It demonstrates our ability to consistently deliver stable returns for our shareholders and reinforces our standing as one of the region’s leading district cooling companies. Our strong quarterly performance is accompanied by Tabreed surpassing 1 million Refrigeration Tons, a significant milestone that positions us for continued growth. This is a sound testament to the steady increase in the number of companies across the region that are actively looking to utilize energy-efficient and environmentally-friendly cooling solutions for their projects.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “The achievement of our recent milestone with one of the largest multi-themed leisure and entertainment destinations in the Middle East, Dubai Parks & Resorts, showcases our commitment to deliver district cooling services to iconic projects enabling energy savings leading to a positive contribution to the environment.”“Our strong and consistent performance demonstrates our robust business strategy which is aimed at future growth across the UAE and GCC. We remain intensely focused on shareholder returns and identifying opportunities that increase our presence locally and throughout the region. We will continue to leverage our operational knowledge and capabilities to sustainably grow our business and contribute to the region’s growth.”Today, Tabreed provides its district cooling services to many of the region’s landmark projects including all of the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all of the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility company, today announced that it surpassed 1 million Refrigeration Tons of cooling capacity.Tabreed recently commenced the supply of chilled water to Dubai Parks and Resorts, the largest integrated theme park destination in the region set to open later this year, which resulted in the company reaching this significant milestone by delivering more than 30,000 Refrigeration Tons of cooling to the destination. Dubai Parks and Resorts will be home to four world-class theme parks: MOTIONGATE™ Dubai, LEGOLAND® Dubai, Bollywood Parks™ Dubai, and Six Flags Dubai which is expected to open in late 2019, as well as LEGOLAND® Water Park. The entire destination will be connected by Riverland™ Dubai, and guests can stay at the Lapita™ Hotel, a Polynesian themed family hotel part of the Marriott Autograph Collection.Jasim Husain Thabet, Tabreed’s CEO, said: “This is a significant milestone to celebrate for our company and with our customers, and we are proud to deliver our services to such an iconic theme park in the region. Tabreed has an industry leading regional presence providing cooling for large-scale, developments, such as Dubai Parks and Resorts, for which district cooling offers significant environmental benefits and cost savings.” The announcement is illustrative of Tabreed’s continued commitment to working with public and private partners to ensure the UAE’s sustainable development, and reflects its strong financial performance. For the first half of this year, Tabreed’s net profit reached AED 160.5 million which represents the best first half performance in the company’s 18 years history. Today, Tabreed provides its district cooling services to many of the region’s landmark projects including all of the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all of the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque,Dubai Metro, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling utility infrastructure company, today released its 2016 first half consolidated financial results. The company continues to deliver a consistent performance driven by its core chilled water business and its strong regional presence. Financial highlights – six months ended 30 June 2016: Net profit attributable to the parent increased by 5 per cent to AED 160.5 million (H1 2015: AED 153.4 million)Earnings per share increased by 34 per cent to 5.9 fils (H1 2015: 4.4 fils)Group revenue increased by 4 per cent to AED 578.6 million (H1 2015: AED 555.3 million)Core chilled water revenue increased by 2 per cent to AED 516 million (H1 2015: AED 507.2 million)EBITDA increased by 4 per cent to AED 275.4 million (H1 2015: AED 264.4 million)Share of results of associates and joint ventures increased by 45 per cent to AED 48.2 million (H1 2015: AED 33.2 million) Operational highlights – six months ended 30 June 2016: Total Group connected capacity across the GCC increased to 980,200 Refrigerated Tons (RT), with 5,800 RT of new customer connections added in the first half of the year, as follows :4,200 RT in the United Arab Emirates1,600 RT in Qatar 523 million kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 17,500 homes every yearThis prevented the release of almost 261,600 tons of carbon dioxide – the equivalent of eliminating the emissions of 52,300 vehicles annually Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “As a utility company, Tabreed benefits from having long-term contracts with blue-chip entities across the GCC, enabling us to consistently deliver strong results, even in today’s current economic environment. Tabreed’s first half net profit of AED 160.5 million represents the best first half performance in the company’s 18 year history, further underlining our robust business model and stable revenue stream.” “Tabreed continues to focus on enhancing shareholder value, with earnings per share increasing by 34 per cent compared to the same period last year.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has a sizable presence across several GCC markets, primarily among them the UAE, Saudi Arabia and Qatar.  Across the five countries we operate in, we now deliver over 980,000 RT to many of those nations’ high profile and critical infrastructure projects.” “Tabreed continues to leverage its regional footprint, with profit from our associates and joint ventures increasing by 45 per cent to AED 48.2 million.” Today, Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl Island in Qatar, and the Aramco Development Project in Al Dhahran in Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the Abu Dhabi-based regional district cooling utility company, today released its 2016 first quarter consolidated financial results. The company’s robust financial performance continues to be driven by its strong operations across the Gulf Cooperation Council (GCC).Financial highlights – three months ended 31 March 2016:Net profit attributable to the parent increased by 3.6 per cent to AED 63.4 million (Q1 2015: AED 61.2 million)Group revenue increased by 6.7 per cent to AED 255.5 million (Q1 2015: AED 239.5 million)Core chilled water revenue increased by 3.7 per cent to AED 222.3 million (Q1 2015: AED 214.4 million)EBITDA increased by 4.9 per cent to AED 124.8 million (Q1 2015: AED 119 million)Share of results of associates and joint ventures increased by 26.4 per cent to AED 21.9 million (Q1 2015: AED 17.3 million)A dividend of 6 fils per share was paid to shareholders for 2015, up from 5 fils per share in 2014Operational highlights – three months ended 31 March 2016:Total Group connected capacity across the GCC increased to 977,037 Refrigerated Tons (RT)168 million kilowatt hours was saved across the GCC – enough energy to power approximately 5,600 homes every yearThis prevented the release into the atmosphere of almost 83,900 tons of carbon dioxide – the equivalent of eliminating the emissions of 16,800 vehicles annuallyWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Over the years, Tabreed has successfully transferred the knowledge and expertise honed in its home market of the UAE to key regional markets, enabling the company to continue to grow its core chilled water business and to deliver stable and consistent results. Today, Tabreed’s regional operations constitute 29% of its total connected capacity, and contribute nearly 25% to profits.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has an industry leading regional presence, with 69 district cooling plants located throughout the GCC delivering over 977,000 RT to many of the region’s critical infrastructure projects. As we look ahead to the rest of the year, we expect this regional footprint to continue to underpin our strong performance, and to present us with potential growth opportunities, which Tabreed today has the financial strength and operational know-how to leverage.”Today, Tabreed provides its district cooling services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl Island in Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Dividend yield amongst the top 10 companies on the DFMShareholders of National Central Cooling Company PJSC (DFM: Tabreed), the regional UAE-based district cooling utility company, yesterday approved a cash dividend of six fils per share for 2015 at the company’s Annual General Assembly (AGA). The approved dividend is 20% higher than the dividend distributed the previous year.Tabreed’s dividend of six fils per share represents a yield of 6%, placing the company’s dividend yield in the top 10 among listed companies on the Dubai Financial Market.The AGA was chaired by Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.Commenting on Tabreed’s performance in 2015, Al Muhairi said: “Tabreed’s performance continues to steadily grow year-on-year, and the company today has a robust capital structure underpinned by a stable and recurring revenue stream.”“The decision by Tabreed’s Board of Directors to increase dividends for 2015 is driven by the company’s solid performance during the year and its positive future outlook, in addition to our commitment to provide sustainable returns to shareholders.”Addressing Tabreed’s shareholders, Jasim Husain Thabet, Chief Executive Officer, added: “Tabreed’s position as the only district cooling provider that operates across the GCC, has enabled us to benefit from the continued growth opportunities in markets such as Qatar and Saudi Arabia, in addition to the UAE. We expect this pattern to continue in the years ahead, and for the company to leverage on its existing network and strong presence across these key regional markets.”Shareholders also approved amendments to Tabreed’s Articles of Association in-line with the requirements of the new UAE Commercial Companies Law.Thabet concluded: “In the ever-changing macro-economic environment, we have witnessed an increased interest by local and foreign institutional investors in Tabreed over the past year as the company continues to provide stable and attractive returns to shareholders.”Additionally, shareholders approved the Board of Directors’ Report, the Independent Auditors’ Report, the appointment of a new auditor for the next three years, and the Financial Statements for the year ending 31 December 2015.Tabreed delivered solid financial and operational results in 2015, with net profit increasing by 6% to reach AED 345 million. The company’s net income has been growing at a rate of 13% since 2012.Operationally, Tabreed now has several major projects under development across the region, including the 45,000 refrigerated tons (RT) district cooling plant for Dubai Parks and Resorts and a 40,000 RT plant in Doha’s West Bay.The company has a total of 69 plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

The Board of Directors of National Central Cooling Company PJSC (Tabreed or the Company) is pleased to invite its shareholders to attend the General Annual General Assembly Meeting, which is to be held on Wednesday, 2 March, 2016 at 5.00 P.M. (17:00 hrs) at the Beach Rotana Hotel, Al Thuraya  ballroom – Abu Dhabi, to discuss and resolve the items detailed hereunder:1) Special Resolution:Consider and approve amending the Company’s articles of association in line with Federal Law No 2 of 2015 concerning the Commercial Companies.2) Consider and approve the report of the Board of Directors on the Company’s activities and its financial position for the fiscal year ending 31 December 2015.3) Consider and approve the auditor’s report on the Company’s financial position for the fiscal year ending 31 December 2015.4) Consider and approve the Company’s financial statements and profit and loss statement for the fiscal year ending 31 December 2015.5) Consider and approve the proposal of the Board of Directors regarding the distribution of cash dividends at 6 fils per share or 6% of the Company capital for the fiscal year ending 31 December 2015.6) Discharge the members of the Board of Directors from their liabilities for the fiscal year ending 31 December 2015.7) Discharge the auditors from their liabilities for the fiscal year ending 31 December 2015.8) Approve the Board of Directors remuneration for the fiscal year ending 31 December 2015.9) Appoint the Company’s auditors for the fiscal year ending 31 December 2016 and determine their remuneration.Remarks:1.) Each shareholder is entitled to attend the Company’s Annual General Assembly Meeting and may authorize another person (other than a member of the Company’s Board of Directors) to attend the above mentioned meeting on behalf of the shareholder pursuant to a proxy provided that the representative does not hold in such capacity more than 5% of the Company’s share capital (persons of incomplete capacity or incapable shall be represented by their legal representatives and minors shall be represented by their parent or guardian). A corporate person may delegate a representative or those in charge of its management pursuant to a resolution of its board of directors or its equivalent to represent such corporate person in a general assembly. The delegated person shall have the powers as determined in the delegating resolution. The proxy form must be submitted and delivered to the Securities Services Department at National Bank of Abu Dhabi, P.O. Box 6865, Abu Dhabi not less than two days prior to the date of the meeting. Only original proxies will be accepted.2.) Shareholders who are registered in the Company’s share book on Sunday 13 March 2016 shall be deemed to be entitled to receive the dividends if the Annual General Assembly Meeting convened on its first meeting on 2 March 2016. Shareholders who are registered on Sunday 20 March 2016 shall be deemed to be entitled to receive the dividends if the Annual General Assembly Meeting convened on its second meeting on 9 March 2016.3.) The Annual General Assembly Meeting will be quorate if shareholders representing not less than 50% of the Company’s share capital attend. Each shareholder who is registered in the Company’s share book on Tuesday 1 March 2016 is entitled to attend the first meeting on 2 March 2016. In the event a quorum for the first meeting is not achieved, the Annual General Assembly Meeting will be adjourned until Wednesday, 9 March, 2016 at the same time and place and will be considered duly convened if attended by one or more shareholders. Shareholders whom are registered in the Company’s share book on 8 March, 2016 shall then be entitled to attend the second meeting.4.) Where the necessary quorum is not achieved in the first meeting, all duly completed proxy forms shall continue to be valid and in full force for any adjourned meeting unless revoked by the relevant shareholder by notice to the Securities Services Department at the National Bank of Abu Dhabi at least two days prior to the relevant adjourned meeting.5.) Shareholders are required to update their contact details at the Dubai Financial Market to ensure that dividends are delivered properly. Dividends will be distributed through the Dubai Financial Market.6.) Copies of the Company’s articles of association together with the proposed amendments, financial report and Corporate Governance Report for the year ended 31 December 2015 are available on the Company’s website http://www.tabreed.ae and will be available at the meeting venue upon registration on the day of meeting.The Board of Directors