Tabreed shareholders approve dividend for 2016

Shareholders of the National Central Cooling Company, Tabreed, yesterday approved a dividend of 6.5 fils per share for the 2016 financial year, which represents an 8 percent increase on the dividend paid out in 2015.

The dividend was approved by shareholders at the company’s Annual General Assembly, AGA, which was chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Vice Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company's senior leadership team.

Commenting on the announcement, Al Qubaisi said, "As a well-capitalised, stable utility company delivering robust results, we are fully committed to providing profitable returns to our shareholders. The 8 percent increase in cash dividend per share for 2016 is evidence of Tabreed’s solid performance and continuous growth, which is in line with the UAE’s vision for economic diversification and sustainable development."

Addressing Tabreed’s shareholders earlier at the meeting, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said, "Tabreed is a partner of choice for developers when it comes to the cooling of major infrastructure projects. Our position and reputation enabled us to take on new projects and surpass 1 million Refrigeration Tons, RT, of cooling capacity in 2016. Providing high-quality and reliable cooling services to our existing customers and pursuing growth opportunities across the region will be our focus in the coming years."

Earlier this year, Tabreed released its audited financial results for 2016, which witnessed a robust 6 percent net profit increase to reach AED367 million. The increase was mainly due to the addition of 74,034 RT to its existing cooling capacity during the year through the completion of projects such as Dubai Parks and Resorts and the acquisition of a cooling plant from International Capital Trading in Abu Dhabi, building on Tabreed’s established presence in the GCC.

Regionally, Tabreed now has several major projects under development, including King Khalid International Airport in Riyadh, Saudi Arabia, and a third district cooling plant in West Bay in Doha, Qatar.