Tabreed reports Dh192 mn profit in H1 2026, declares 5 fps dividend
National Central Cooling Company PJSC (Tabreed), one of the world’s leading and most diversified district cooling company, has reported Dh1.13 billion in revenue collection and Dh192 million in net profit in the first half of 2026. Revenue grew by two percent year-on-year in the six-month period ending 30 June 2026. Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Dh615 million with a margin of 55 percent.
National Central Cooling Company PJSC (Tabreed), one of the world’s leading and most diversified district cooling company, has reported Dh1.13 billion in revenue collection and Dh192 million in net profit in the first half of 2026. Revenue grew by two percent year-on-year in the six-month period ending 30 June 2026. Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Dh615 million with a margin of 55 percent.
Net operating cash flows increased by 40 percent year-on-year to Dh632 million and continue to support ongoing investment in growth opportunities, balance sheet optimization, and shareholder returns. As a result, Tabreed’s leverage (Net Debt to EBITDA) improved to 4.57x by the end of H1 2026 and the company continues to maintain its investment grade credit ratings with both Moody’s and Fitch.
The company enjoys a robust liquidity profile with a stable cash balance of Dh661 million (as of 30 June 2026) and continues to have access to an undrawn Green Revolving Credit Facility (RCF) of Dh1.2 billion with no near-term debt maturities.
An amount of 5.0 fils per share (fps) was approved as interim cash dividend for H1 2026, representing a dividend payout ratio of 74 percent of net profit.
Tabreed’s revenue growth was supported by fixed capacity charges, ongoing capacity expansion, and its diversified presence across the district cooling business value chain. The company’s operational performance remained resilient, enabling strong operating cash generation and healthy free cash flow conversion during the first half of the year, while further enhancing its balance sheet position.
Tabreed’s profit collection during the period reflected a more normalised expense base, higher financing costs following the 2025 refinancing at prevailing market rates, as well as additional interest expense associated with growth investment funded through acquisition-related debt.
Connected capacity increased by 15 perent year-on-year to 1.58 million Refrigeration Tons (RT) as of 30 June 2026, clearly demonstrating the strength of Tabreed’s long-term growth strategy, while the period also saw organic capacity increase by 4,500 RT following the completion of various projects. Cooling consumption volumes reached one billion refrigeration ton hours (RTh) during the first half of 2026, reflecting milder weather conditions compared to the same period in the previous year.
Chairman of Tabreed, Dr Bakheet Al Katheeri, said, “Tabreed’s essential role in this nation’s utilities infrastructure remains unassailable. And the company’s operating performance during the first half of 2026 clearly demonstrates the continuing strength of its core business, as well as the vitality of district cooling within the markets we serve, bringing long term revenue visibility and sustainable returns for shareholders.
“Our recent portfolio expansion, including the acquisition – with our partners CVC DIF – of Abu Dhabi’s PAL Cooling, as well as ongoing organic growth initiatives, demonstrates the wisdom of our disciplined approach to investing in high-quality infrastructure assets with long-term cash generation potential. As we continue to integrate these investments and pursue selective growth opportunities, we remain committed to prudent capital allocation and sustainable long-term value for our stakeholders. Tabreed continues to surpass itself, providing comfort to millions while conserving precious energy and other resources in its relentless pursuit of operational excellence.”
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