National Central Cooling Company (Tabreed) shareholders have approved a 6.5 fils per share interim dividend, totaling Dh184.9 million, for the first half of 2025.
This historic interim dividend, the first in Tabreed’s 27 years, highlights the company’s exceptional first-half performance. Revenue increased by 3% year-on-year to Dh1.11 billion, with net profit hitting Dh276 million, driven by strong cooling demand and significant capacity expansion in key markets.
In the first half of 2025, Tabreed continued its growth trajectory, achieving a total connected capacity of 1.37 million RT. This included a record 41.6k RT of new connections, nearly double the capacity added in 2024. Significant contributions from the UAE and Saudi Arabia affirm Tabreed’s status as a leading cross-regional operator and prepare it for further growth. Tabreed has also progressed its long-term strategy with major developments like the PAL Cooling acquisition and the Palm Jebel Ali concession. These transactions are the largest in the company’s history, boosting total site capacity to approximately 2.6 million RT and strengthening the base for efficient growth and recurring cash flows beyond 2025.
Dr. Bakheet Al Katheeri, Tabreed’s Chairman
Dr. Bakheet Al Katheeri, Chairman of Tabreed, stated: “Building on our solid foundations, Tabreed combines record results with strategic milestones that enhance our platform’s scalability. The approval of our first interim dividend signifies our strength and commitment to delivering sustainable value to shareholders. With capacity growth in the UAE and Saudi Arabia, along with key transactions like the PAL Cooling acquisition and Palm Jebel Ali concession, Tabreed is strategically positioned for growth while ensuring capital discipline and focus on shareholder returns.”
Strong free cash flow and careful capital allocation supported growth investments and shareholder returns in the first half of 2025. Issuing a $700 million green sukuk, as part of Tabreed’s green finance framework, bolstered the balance sheet and increased liquidity, supported by investment-grade credit ratings from Moody’s and Fitch. Concurrently, Tabreed is integrating sustainability into its operations, from using renewable energy in select plants to testing low carbon cooling solutions, reinforcing its role in the region’s energy transition.
