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

Tabreed, a leading UAE-based international district cooling company, has reported a 9% increase in revenue for the year 2023, amounting to AED 2.4 billion. The net profit attributable to the parent company, before deferred tax, is AED 751 million. The company's net debt decreased in 2023 due to strong cash generation and a decline in gross debt, resulting in an improved net debt/EBITDA ratio of 4.11x. The company's net finance costs also reduced by 24% due to prudent financial management. Tabreed's Board of Directors has recommended a new record dividend payment of 15.5 fils per share for FY 2023, reflecting the company's strong financial performance and positive outlook.

The Board of Directors at the National Central Cooling Company (Tabreed) held a meeting on 14th February 2024. In accordance with the Disclosure and Transparency Regulations number (3) for the year 2000, they approved the audited accounts of the company for the period ending 31st December 2023. They also approved the release of these accounts and a press release to the Securities and Commodities Authority and the Dubai Financial Market.

On 9th February 2024, a circular resolution was passed by the Board of Directors of the National Central Cooling Company PJSC (“Tabreed”), as per Article 36 of the Disclosure and Transparency Regulations Number 3 for the Year 2000 (as amended). The resolution approved the resignation of Claire Bechaux as a Board member and the appointment of Marion Deridder Blondel as her replacement. The communication was issued by Sean Magee, the Company Secretary, and sent to Dr. Maryam Butti Al Suwaidi, CEO of Securities & Commodities Authority, Abu Dhabi, UAE, and Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market, Dubai, UAE.

Tabreed, a leading district cooling company, has had its 'Investment Grade' status reaffirmed by credit ratings agencies Moody's and Fitch, with ratings of Baa3 and BBB respectively. These ratings indicate the company's long-term stability and potential for healthy financial returns. The ratings take into account Tabreed's strong market position, high cash flow visibility due to long-term contracts, and strong liquidity. The company's CFO, Adel Al Wahedi, highlighted Tabreed's resilience, experience, and cautious approach to growth. He also noted the company's international expansion as part of its long-term strategy and its position to meet increasing demand for sustainable cooling.

A communication dated 09 February 2024 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. The subject of the letter was an earnings call of the National Central Cooling Company (Tabreed), scheduled to be held on 15 February 2024. The purpose of the call is to discuss the financial results for the period ending 31 December 2023. The letter was signed off by Sean Magee, the Company Secretary.

On 9th February 2024, a notice was issued to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market, regarding a board meeting of the National Central Cooling Company (PJSC). The meeting is scheduled for 14th February 2024 at 10:00am to review the financial results for the year ended 31st December 2023 and to discuss the business operations and management of the company. This notification is in accordance with Article 36/11 of the Disclosure and Transparency Regulations number (3) for the year 2000 (as amended). The notice was issued by Sean Magee, the Company Secretary.

On February 6, 2024, a letter was sent to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market. The letter was regarding a notification of a board decision by the National Central Cooling Company (PJSC) in accordance with Article 36/11 of the Disclosure and Transparency Regulations. A circular resolution will be distributed to the company's board of directors at 1:00pm on February 9, 2024, concerning the management of the company. The letter was signed by Sean Magee, the company secretary.

Abu Dhabi-based district cooling company, Tabreed, has completed the third phase of its 'Tasheel' programme, which involves retrofitting Variable Frequency Drives (VFDs) to increase energy efficiency and reduce carbon emissions. The use of VFDs, which regulate the power supplied to large industrial motors, has made Tabreed's operations more energy efficient. CEO Khalid Al Marzooqi stated that the retrofitting of VFDs has exceeded the company's initial targets, forecasting a reduction of 223,000,000 kWh in energy consumption over the next decade, which will prevent the release of 105,000 metric tons of CO2 emissions.

Sean Magee, the Board Secretary, issued a letter on 15 January 2024 addressing Dr. Maryam Buti Al Suwaidi, CEO of the Securities & Commodities Authority in Abu Dhabi, and H.E Hamed Ali, CEO of the Dubai Financial Market. The letter was in response to recent media reports concerning the cancellation of a district cooling contract between Tabreed Egypt and a subsidiary of the Egyptian Healthcare Services Company for the new medical city, Capital Med. The contract was terminated due to currency depreciation in Egypt, and it was mutually agreed upon before the commencement of works. The termination had no negative impact on Tabreed or its client. Tabreed continues to operate in Egypt and evaluate new opportunities in the market. The company also reaffirmed its commitment to the disclosure and transparency requirements of the Securities and Commodities Authority and the Dubai Financial Market.