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

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.

Tabreed, a leading district cooling company, has completed a successful pilot project in partnership with HT Materials Science (HTMS), showcasing significant potential for energy efficiency gains. The pilot project involved the implementation of HTMS's heat transfer fluid technology, 'Maxwell', across Tabreed's 89 district cooling plants. The technology could increase efficiency by 9-15%, potentially preventing around 200,000 metric tons of GHG emissions annually. This would be equivalent to removing 43,500 cars from the roads each year. The project was trialled at a Tabreed district cooling plant in Abu Dhabi, and the results showed a 13.6% efficiency increase in the plant's chillers and an overall plant efficiency improvement of 9.0%.

The National Central Cooling Company (Tabreed) has scheduled an earnings call for 15th November 2023 at 3.00pm. The call will discuss the financial results for the period ending on 30th September 2023. The information 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.

A letter dated 9th November 2023 was sent by Sean Magee, Company Secretary of the National Central Cooling Company (PJSC), 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 notifies that the Board of Directors of the National Central Cooling Company will hold a meeting at 11:00 am on 14th November 2023 to review the financial results for the third quarter ended 30th September 2023 and discuss company business, operations, and management. This notification is in compliance with Article 36/11 of the Disclosure and Transparency Regulations number (3) for the year 2000 (as amended).