Dubai, UAE – A refrigeration company’s profits fell by 30% to reach 191.8 million dirhams by the end of the first half of 2026. Compared to profits of AED 275.7 million achieved during the same period in 2025.
Profits declined during the current period due to a 33% increase in net financing costs, reaching AED 152 million during the first half of 2026. Compared to 113.9 million dirhams during the same period of the previous year, in addition to an increase in administrative and other expenses by 162.4 million dirhams. Compared to 138.3 million dirhams during the same period last year.
The decline in profits is also due to a 54% decline in the share of the results of fellow companies, reaching 7.4 million dirhams during the first half of 2026. Compared to 16.1 million dirhams during the same period of the previous year.
Net income declined by 29% in the second quarter, reaching AED 113.65 million.
Revenues reached AED 1.13 billion, a 2% year-on-year growth during the first half of 2026, supported by fixed capacity charges. The continued expansion of connected capacity and the diversification of its presence across the value chain in the district cooling sector.
The power of growth strategy
During the first half of 2026, connected capacity increased by 15% year-on-year to reach 1.58 million cooling tons. Reflecting the strength of the company’s long-term growth strategy.
The period also witnessed the addition of 4,500 cooling tons of connected capacity resulting from natural growth. This comes after the completion of a number of projects.
Refrigeration consumption reached 1 billion tons per hour during the first half of 2026. Reflecting moderate weather conditions compared to the same period last year.
follow-up investment
Net operating cash flows increased by 40% year-on-year to reach AED 632 million. To support continued investment in growth opportunities and improve the balance sheet structure while achieving returns for shareholders.
As a result, the net debt-to-earnings ratio before accounting for interest, taxes, depreciation and amortization improved to 4.57-fold by the end of the first half of 2026. While the company continues to maintain its credit ratings in the “investment category” at both Moody’s and Fitch.
The company enjoys a strong liquidity position, supported by a stable cash balance of AED 661 million (as of June 30, 2026). Along with AED 1.2 billion in renewable, undrawn green credit facilities, and no close-term debt maturities.
The Board of Directors of Refrigeration has once again approved the distribution of interim cash dividends. After announcing the first phased distribution in 2025. The Council approved the distribution of profits of 5 money per share for the first half of 2026. Representing a distribution rate of 74% of net profits.
