Tabreed, the prominent international district cooling company based in the UAE’s Abu Dhabi, recently held its Annual General Assembly (AGA) where shareholders approved a remarkable dividend payment of 15.5 fils per share. The dividend will be paid entirely in cash and sets a new record for the company. This represents a 15 percent increase compared to the previous year and reflects Tabreed’s strong financial performance, as indicated in their full-year results for 2023. In that year, Tabreed experienced a 9 percent growth in revenue and a substantial 25 percent increase in net profit before tax to parent.
Read more: UAE’s Tabreed is latest listed firm to allow 100 percent foreign ownership
The AGA was chaired by Khaled Abdullah Al Qubaisi, chairman of Tabreed. Al Qubaisi commented on Tabreed’s exceptional performance in 2023, expressing that the approved dividend payments validate the company’s growth strategy. He highlighted that Tabreed prioritizes its shareholders and has a commendable reputation for consistently delivering excellent returns on investment. Al Qubaisi also emphasized Tabreed’s growing influence as a leading advocate for sustainability, particularly in the context of global cooling discussions during COP28.
Al Qubaisi said that Tabreed’s consistent growth not only benefits the business but also contributes positively to the environment. With over 25 years of unparalleled experience, Tabreed stands out as a torchbearer for sustainable district cooling, he said.
He further noted that as the demand for cooling rises globally and the need to address climate change becomes more urgent, district cooling presents a well-established and logical solution.
53,000 refrigeration tons of new connections added in 2023
In 2023, Tabreed successfully added 53,000 refrigeration tons (RT) of new connections across its portfolio and expanded with the establishment of six new plants. Moreover, the company currently operates in six countries, including India, and foresees significant potential to increase its market share in the coming months and years. Additionally, Tabreed demonstrates its commitment to renewable energy and sets new benchmarks in decarbonization, solidifying its position as the global leader in district cooling.
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