Tabreed to pay first interim dividend

Dubai-listed National Central Cooling Company, known as Tabreed, has announced the first interim dividend in its 27-year history.

Wam | Tabreed entered a concession agreement with Dubai Holding Investments in March to provide district cooling services for Palm Jebel Ali

Shareholders approved an interim dividend of 6.5 fils per share, or AED185 million ($50.4 million), for the first half of 2025 at the latest general meeting, the company said in a statement.

The payout comes after revenue rose 3 percent year on year to AED1.1 billion and net profit hit AED276 million, supported by surging demand for cooling and significant capacity growth across key markets.

Connected capacity reached 1.37 million refrigeration tonnes (RT) following a record 41,600 RT of new connections, almost double the capacity added in all of 2024.

In March, the district cooling company announced plans to expand through acquisitions and organic growth in the UAE and global markets.

“We aim to grow our connected capacity by 3 percent to 5 percent annually over 2025 to 2027,” chief financial officer Adel Salem Al Wahedi wrote in the company’s 2024 annual integrated board report.

Tabreed generated AED1.2 billion in cash flow from operations and AED971 million in free cash flow.

The company entered a concession agreement with Dubai Holding Investments, part of Dubai Holding, in March to provide district cooling services for Palm Jebel Ali, which is projected to house more than 80 hotels and resorts and attract 35,000 families.

The company’s shares closed 0.3 percent higher at AED2.93 on Monday, up 3 percent so far this year.

GDF International owns a 40 percent stake in the company, while General Investments holds 38.21 percent.

By Pramod Kumar

September 16, 2025, 10:48 AM