National Central Cooling Co.

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.

Tabreed, the world's leading district cooling company, is celebrating its 25th anniversary. Since its inception, the company has saved nearly 20 billion kWh and prevented almost 8 billion tonnes of carbon emissions. The company started as Gulf Energy Systems in 1995 with just three employees, and became a public shareholding company in 1998. Tabreed now owns and operates 91 district cooling plants in the UAE, Saudi Arabia, Oman, Bahrain, India, and Egypt, employing more than 1,100 staff from over 40 different nationalities. The company operates the world's largest district cooling network in Downtown Dubai and has potential for further expansion in India and Southeast Asia.

Tabreed, a leading district cooling company, has secured an inaugural AED 600 million Green Revolving Credit Facility (RCF) in partnership with First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank PJSC (ADCB), and Emirates NBD. The five-year financing agreement will support Tabreed's sustainability strategy by introducing efficient cooling solutions in the GCC market. The funds will be allocated to projects adhering to Tabreed's Green Finance Framework, including the development and operation of District Cooling schemes, and initiatives to enhance energy and water efficiency and wastewater management. Tabreed is an active participant in the Cool Coalition, a United Nations initiative.

On 16 November 2023, 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 the Dubai Financial Market. The letter was regarding an earnings call of the National Central Cooling Company (Tabreed) that took place on 15 November 2023. The call was held to discuss the financial results for the period ending 30 September 2023. The documentation related to the earnings call was made available on the company's website under Investor Relations. The letter was signed by Sean Magee, the Company Secretary.

Tabreed, a leading district cooling company, has reported a 10% increase in its revenue to AED 1.8 billion for the first nine months of 2023, compared to AED 1.7 billion in the same period the previous year. The company's growth is attributed to a 9% year-on-year increase in consumption volumes, driven by new connections and higher demand from existing customers. During this period, Tabreed added 41,319 Refrigeration Tons (RT) across its portfolio, bringing its total connected capacity to over 1.3 million RT. The company's Gross Profit increased by 3% year-on-year to AED 804 million, and its EBITDA reached AED 914 million with a healthy EBITDA margin of 50%. Tabreed's balance sheet showed further strength with an improved Net Debt/EBITDA ratio of 4.18x, and the company maintained an 'Investment Grade' credit rating with Moody's & Fitch.

The Board of Directors of the National Central Cooling Company (Tabreed) held a meeting on November 14, 2023, where they approved the unaudited interim accounts of the company for the period ending September 30, 2023. They also agreed to release the accounts and the press release to the Securities and Commodities Authority and the Dubai Financial Market. The meeting was conducted in accordance with Article 36/7 and 36/11 of the Disclosure and Transparency Regulations number 3 of 2000.