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    Water utilities
National Central Cooling Co. (P.S.C.) (Tabreed)

National Central Cooling Co. (P.S.C.) (Tabreed)

DDFM:TABREED
2.30
AED
0.00
(0.00%)
0.15EPS
19.66P/E
7.51BMarket Cap
Nov 17Next Earn
National Central Cooling Co. (P.S.C.) (Tabreed)
DFM:TABREED
(Dubai Financial Market)

Recent

price

2.30

P/E

ratio

19.66

div

yld

2.83%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
AED
2.59
0.53
0.26
0.26
0.23
0.31
0.38
0.39
0.42
0.42
0.61
0.69
0.78
0.85
0.86
0.87
0.87
Revenue per Share
0.35
0.09
0.08
0.08
0.09
0.11
0.13
0.14
0.15
0.17
0.19
0.21
0.21
0.15
0.2
0.16
0.13
Basic EPS, GAAP
-2.48
-0.15
0.09
0.14
0.11
0.1
0.13
0.13
0.2
0.24
0.18
0.4
0.41
0.39
0.33
0.29
0.33
Free Cash Flow per Basic Share
0.04
- -
- -
0.01
0.01
0.05
0.06
0.06
0.08
0.09
0.1
0.05
0.06
0.14
0.16
0.22
0.07
Dividend per Share
5.88
5.53
6.29
6.63
6.28
5.38
5.64
1.66
1.64
1.74
1.82
2.02
2.28
2.22
2.23
2.14
2.15
Book Value per Share
5.73
5.48
6.24
6.57
6.23
5.33
5.61
1.65
1.63
1.73
0.99
0.51
0.82
0.8
0.83
0.77
0.8
Tangible Book Value per Share
395
2,098
3,111
3,545
3,624
3,237
2,843
2,843
2,843
2,843
2,842
2,842
2,842
2,842
2,842
2,839
2,841
Basic Weighted Avg Shares
1,024
1,115
808
906
829
1,016
1,094
1,105
1,181
1,187
1,741
1,955
2,216
2,415
2,432
2,456
2,475
Sales/Revenue/Turnover
25.98
27.04
4.45
18.02
8.74
19.16
20.08
12.47
16.34
16.78
36.2
31.87
36.18
33.36
32.62
32.24
30.84
Operating Margin (%)
102
133
145
149
126
120
129
140
150
170
222
273
320
342
346
350
352
Depreciation Expense
137
183
236
272
326
345
367
400
428
472
550
585
600
431
570
465
381
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
45.69
8.99
9.35
10.11
Effective Tax Rate (%)
13.37
16.39
29.23
30.07
39.28
33.99
33.57
36.2
36.22
39.8
31.62
29.93
27.08
17.85
23.45
18.94
15.41
Profit Margin (%)
-5,242
403
365
433
328
77
-17
401
326
348
2,237
1,404
2,247
1,731
-2,244
766
769
Working Capital
34
3,578
3,058
2,816
2,397
2,993
2,989
2,935
2,845
2,947
6,623
7,272
7,217
6,325
2,097
6,252
6,133
LT Debt
1,582
3,914
4,427
4,651
4,931
4,226
4,438
4,797
4,737
5,016
5,875
6,446
7,154
6,943
6,962
6,672
6,715
Total Equity
5.44
4.01
4.51
4.58
4.84
5.06
5.29
5.47
5.86
6.73
6.11
4.74
5.69
3.15
5.55
5.55
5.35
Return on Invested Capital (%)
5.23
4.67
4.04
4.45
5.02
5.88
6.35
6.49
6.56
6.77
5.98
5.17
4.96
3.59
4.89
3.89
3.26
Return on Capital (%)
9.38
6.88
5.79
6.1
6.9
7.66
8.62
8.8
9.1
9.83
10.89
10.73
9.82
6.74
9.01
7.49
6.21
Return on Common Equity (%)

Capital Structure

AED

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
249
253
254
LT Borrowings
6,125
6,077
6,030
LT Finance Leases
126
114
104
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,845
2,845
2,845
Market Capitalization
8,963
7,540
7,512

Working Capital

AED

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,665
1,683
1,754
Cash, Cash Equivalents & STI
655
756
661
Accounts Receivable, Net
493
490
651
Inventories
85
94
99
Total Current Liabilities
898
1,012
985
Payables & Accruals
- -
- -
- -
ST Debt
249
253
254
Deferred Revenue
- -
- -
- -

Growth Rates

AED

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.87%
2.77%
-4.16%
Free Cash Flow
15.35%
17.01%
-13.18%
Net Income, GAAP
4.38%
-1.08%
-18.39%
Sales/Revenue/Turnover
9.91%
7.27%
1.02%
Total Cash Common Dividend
20.32%
29.74%
41.79%

Quarterly Revenue

AED

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
468
611
764
583
2,432
2025
466
642
759
589
2,456
2026
486
642
- -
- -
- -

Quarterly Earnings Per Share

AED

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.04
0.06
0.05
0.05
0.2
2025
0.04
0.06
0.05
0.02
0.16
2026
0.03
0.04
- -
- -
- -

Quarterly Dividends Per Share

AED

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.16
2025
- -
- -
- -
0.06
0.22
2026
- -
- -
- -
- -
- -
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Business
National Central Cooling Company PJSC (Tabreed) is a leading international district cooling company specializing in the development, ownership, and operation of district cooling systems. Its core offerings include the construction, ownership, assembly, installation, operation, and maintenance of cooling and conditioning plants; distribution and sale of chilled water; manufacturing of pre-insulated pipes; and provision of commissioning, engineering, water treatment, supervision, building energy efficiency, and design consultancy services. Tabreed supplies chilled water primarily for district cooling technologies and operates in two key segments: chilled water and value chain business. Its operations span the United Arab Emirates and extend internationally to countries including Saudi Arabia, Oman, India, and Egypt. Founded in 1998 and headquartered in Abu Dhabi, UAE, Tabreed has established a significant presence in the GCC region and beyond. The company targets large-scale commercial, residential, governmental, hospitality, and healthcare clients, offering energy-efficient cooling solutions that support sustainable development and climate neutrality goals. Tabreed's district cooling systems are noted for their energy efficiency, reliability, and reduced environmental impact compared to conventional cooling methods. Recent major developments include a strategic partnership with Johnson Controls International (2025) to deploy next-generation, high-efficiency chillers and smart building technology aimed at enhancing system efficiency, reliability, and environmental performance, aligning with regional sustainability objectives. Tabreed has also expanded its capacity substantially, adding 52.9k refrigeration tons (RT) organically in the first nine months of 2025—more than doubling the full-year 2024 growth—with key contributions from the UAE and Saudi Arabia. The company has undertaken significant acquisitions to bolster its market position, notably the strategic partnership with CVC DIF and the acquisition of PAL Cooling Holding, adding over 182k RT and securing a long-term growth pipeline of up to 600k RT across Abu Dhabi. Moreover, Tabreed completed the settlement of USD 500 million Trust Certificates as part of its proactive debt management strategy, strengthening its financial position and supporting future investments and dividend payouts. Overall, National Central Cooling Company PJSC is recognized for operational excellence and energy efficiency, maintaining a robust pipeline of organic and inorganic growth opportunities supported by a diversified portfolio of district cooling assets across key markets in the Middle East and South Asia.