Abu Dhabi’s National Central Cooling Company (Tabreed) has proposed its first-ever interim dividend of 6.5 fils per share after announcing 41.6k RT of record high organic capacity added during the first six months of 2025, nearly double the full-year total in 2024.
Total connected capacity reached 1.37 million Refrigeration Tons (RT), with 18k RT of new connections in the UAE and 23.6k RT across regional markets.
Tabreed reports strong H1 2025 results
The new capacity played a role in the company reporting revenues of AED 1.11 billion (US$300mn), up 3 per cent from the corresponding period last year, and a net profit of AED 276 million (US$75.15 million), a 2.5 per cent increase YoY.
The uplift reflects continued scale benefits and disciplined cost control, alongside margin expansion as EBITDA rose 5 per cent to AED 632 million (US$172.1 million), with margins improving to 57 per cent.
Consumption volumes grew 3 per cent year-on-year in H1 2025 and accelerated to 8 per cent year-on-year in Q2 2025, reflecting both seasonal uplift and growing utilisation across Tabreed’s network.
The results reflected strong momentum across Tabreed’s platform, with improved margins, cost discipline and sustained demand, laying the foundation for continued growth.
Tabreed’s Board of Directors proposed the interim dividend, which is 67 per cent payout based on H1 2025 net profit. The payment of dividend remains subject to shareholders approval at the General Assembly Meeting expected to be convened in September 2025.
Dr Bakheet Al Katheeri, Tabreed’s Chairman, commented: “Tabreed continues to demonstrate the strength and scalability of its platform, delivering solid financial results while advancing its long-term growth agenda. The record capacity additions in H1 2025, following landmark transactions, including the Palm Jebel Ali development and strategic acquisition of PAL Cooling, reinforce our position as a cross-regional operator and infrastructure partner with a clear mandate for value creation.
“As a Board, we remain focused on capital discipline and sustainable returns, and this balance between growth and value creation is reflected in our decision to propose Tabreed’s first-ever interim dividend.”
During the period, Tabreed announced a 50:50 joint venture with CVC DIF, the company that is set to acquire PAL Cooling Holding from Multiply Group following regulatory approvals. The acquisition is set to add more than 182k RT, increase pro forma connected capacity to 1.55 million RT (+13 per cent) and includes eight concessions with total planned capacity of up to 600k RT.
It will expand Tabreed’s long-term concession base and customer network, including a new relationship with Modon, and contribute to a secured future capacity pipeline of more than one million RT, equivalent to 80 per cent of current connected capacity.
The company also reported progress in its largest-ever greenfield project at Palm Jebel Ali, a 250k RT exclusive concession secured in partnership with Dubai Holding Investments. Together, the PAL Cooling acquisition and Palm Jebel Ali concession represent the two biggest strategic deals in Tabreed’s history, expanding the company’s total site capacity to approximately 2.6 million RT.
Free cash flows reached AED 973 million (US$265 million) over the past 12 months, translating to a 11.5 per cent yield. This is supported by strong collections, margin stability and disciplined capital allocation. As a result, net debt to EBITDA improved to 3.7x, down from 4.2x a year earlier.
