National Central Cooling Co.

The document is a communication dated 15 May 2024, addressed to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority in Abu Dhabi, UAE, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market in Dubai, UAE. The subject of the letter is the earnings call of the National Central Cooling Company (Tabreed) held on the same day. The call, which took place at 3pm, discussed the financial results for the period ending on 31 March 2024. The earnings call documents are available on the company's website, under the Investor Relations section. The letter is signed by Sean Magee, the company secretary.

On 14 May 2024, a board meeting was held by the National Central Cooling Company (Tabreed). According to Article 36/7 and 36/11 of the Disclosure and Transparency Regulations number 3 of 2000, the board approved the Un-Audited Interim Accounts for the period ending 31 March 2024. Additionally, the board approved the release of these accounts, along with a press release, to the Securities and Commodities Authority and the Dubai Financial Market. The information was communicated by Sean Magee, the company's secretary.

Tabreed, the UAE's leading international district cooling company, has released its Q1 2024 financial results, showing a 9% year-on-year increase in consumption volumes for its cooling services. The company reported a net profit before tax of AED 122 million, a 4% increase from the same period in 2023. Tabreed's EBITDA margin was 58%, compared to 57% in Q1 2023, with group revenue of AED 468m for Q1 2024. The company also achieved a cash conversion rate of 90% and a net debt to EBITDA ratio of 3.97x at the end of Q1 2024. The company has repurchased a total of USD 240 million (AED 880 million) of its outstanding sukuk due in 2025, as part of its active management of its debt profile.

On 14 May 2024, a board meeting was held by the National Central Cooling Company (Tabreed). The meeting, in accordance with Disclosure and Transparency Regulations number 3 of 2000, approved the Un-Audited Interim Accounts of the company for the period ending 31 March 2024. The board also approved the release of these accounts and a press release to the Securities and Commodities Authority and the Dubai Financial Market.

The text is a formal notification dated 9th May 2024, addressed to Dr. Maryam Butti Al Suwaidi, CEO of Securities & Commodities Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market. The document, sent by Sean Magee, the Company Secretary of National Central Cooling Company (PJSC), is to inform them about a board meeting scheduled for 14th May 2024. The meeting will review the financial results for the first quarter ended 31 March 2024 and discuss the business and operations 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 CEO of the Securities & Commodities Authority, Dr. Maryam Butti Al Suwaidi, and the CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali, received a letter on 9th May 2024 regarding an upcoming earnings call. The National Central Cooling Company (Tabreed) will hold an earnings call on 15th May 2024 at 3.00pm to discuss the financial results for the period ending on 31st March 2024. The letter was signed by Sean Magee, the Company Secretary.

The National Central Cooling Company (Tabreed) has successfully initiated a tender offer for the repurchase of some of its outstanding U.S.$500,000,000 Trust Certificates due 2025. The offer, which was first announced on March 18, 2024, and extended until April 3, 2024, resulted in the acceptance for repurchase of U.S.$200,688,000 of these trust certificates. An additional U.S.$39,000,000 of these trust certificates had been purchased by Tabreed prior to the tender offer announcement. The total amount that Tabreed has bought back and accepted for purchase is U.S.$239,688,000 out of the outstanding U.S.$500,000,000 trust certificates. This buyback is part of Tabreed's strategy to effectively manage its debt profile, optimize its cost of funding, and strengthen its balance sheet.

Tabreed, a leading international district cooling company based in the UAE, has celebrated its most successful year to date in 2023. In its Annual General Assembly, shareholders approved a record high dividend payment of 15.5 fils per share, representing a 15% increase from the previous year. The company also reported a 9% growth in revenue and a 25% increase in net profit before tax. Two new board members, Geert Bunkens and Marion Deridder Blondel, were appointed during the meeting. Tabreed's Chairman, Khaled Abdullah Al Qubaisi, highlighted the company's growth strategy and its role in global cooling discussions during COP28. The company added 53,000 refrigeration tons of new connections and six new plants to its portfolio in 2023, and operates in six countries, including India.