Tabreed AGM approves record dividend of 13.5 fils per share

The shareholders of the National Central Cooling Company (Tabreed) have approved a cash dividend of 13.5 fils per share for the fiscal year 2022, representing the highest annual dividend to Tabreed shareholders in the 25 years of the company's existence, an increase of 1.5 fils per share over the dividends paid to shareholders in 2021, which amounted to 12 fils per share.

The company stated in a statement today that this came during the company's annual general assembly meeting held on March 20, in which eight members of the company's current board of directors were also re-elected for another three years, in accordance with the regulations of the Securities and Commodities Authority, and shareholders approved a new appointment of Dr. Alyazia Al-Kuwaiti as a member of the board of directors.

Khalid Abdulla Al Qubaisi, Chairman of the Board of Directors, said: "As the UAE prepares to host COP28, Tabreed continues to support its successful track record of delivering energy-efficient, environmentally conscious district cooling solutions and customers' energy sustainability goals.

Al Qubaisi added: "At the end of this exceptional year, we are delighted to distribute record dividends and create more value for our shareholders, while continuing our efforts to benefit people, communities and the environment through our leading, reliable and sustainable solutions."

Khalid Abdulla Al Marzouqi, CEO of Tabreed, said: "Tabreed's revenues increased by 13% last year to AED 2.22 billion, and we announced a profit of AED 1.23 billion before interest, tax, depreciation and amortization, an increase of 19% over 2021."

"In 2022, Tabreed added around 55,<> refrigeration tons of new connections to its projects in the UAE and across the region, investing in its strong asset network in the UAE and Oman and expanding into new markets."