Tabreed’s H1 Revenue Hits $300 Million

National Central Cooling Company (Tabreed), the world’s leading and most diversified district cooling company in the UAE, on Friday reported revenues of $300 million and a net profit of $75.14 million.

The company’s group revenue rose 3% y-o-y driven by higher cooling demand and significant capacity additions across key markets. Consumption volumes grew 3% y-o-y in H1 2025 and accelerated to 8% y-o-y in Q2 2025, reflecting both seasonal uplift and growing utilisation across Tabreed’s network.

In disclosure with Abu Dhabi Securities Exchange (ADX) this morning, the company said that its net profit for the first half rose to $75.14 million, a 2.5% increase compared with the first half of 2024. The uplift reflects continued scale benefits and disciplined cost control, alongside margin expansion as EBITDA rose 5% to $172.07 million, with margins improving to 57%.

Reflecting its strong financial position and continued cash generation, the company’s directors proposed an interim dividend of $0.14 per share for the first half of 2025, or 67% pay-out based on H1 2025 net profit.

This marks the first interim dividend in the company’s history and reflects the Board’s confidence in Tabreed’s performance, outlook and ability to deliver sustainable long-term value. The payment of dividend remains subject to shareholders approval at the General Assembly Meeting expected to be convened in September 2025.

Total connected capacity reached 1.37 million Refrigeration Tons (RT), with 41.6k RT of record high organic capacity added during the period, nearly double the full-year total in 2024. This growth was led by 18k RT of new connections in the UAE and 23.6k RT across regional markets, reinforcing Tabreed’s position as a cross-regional operator.

JV with CVC DIF

Following a period of strong operational growth, Tabreed advanced its strategic agenda in June with the announcement that, in a 50:50 joint venture with CVC DIF, the company is to acquire PAL Cooling Holding from Multiply Group.

The deal, which remains subject to customary regulatory approvals, is set to add more than 182k RT, increase pro forma connected capacity to 1.55 million RT (+13%) and includes eight concessions with total planned capacity of up to 600k RT.

The deal would also 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% of current connected capacity.

Complementing this landmark development, Tabreed’s portfolio continued to grow, with the commissioning of three new greenfield plants during the first half – in local and regional markets, with a combined capacity of 28.6k RT. Developed to meet rising demand in fast-growing urban and industrial hubs, these new facilities reinforce Tabreed’s ability to scale operationally while deepening its presence in both core and international markets.

Progress also continued on the company’s 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 and reinforcing its platform for long-term, capital-efficient growth and cash flow visibility. With a strong pipeline, long-term concessions and expanding geographical reach, Tabreed remains well positioned to deliver sustained growth through the remainder of 2025 and beyond.