Tabreed Approves AED 441 Million Cash Dividend Payout For Fiscal Year 2024

Tabreed, a prominent district cooling firm, approved a cash dividend of 15.5 fils per share, amounting to over AED441 million. This decision was made during its Annual General Assembly on Tuesday. Over the last five years, Tabreed has provided a total shareholder return of 96 percent through share price growth and dividends.

In 2024, Tabreed achieved record revenues and saw a 32 percent rise in net profit after tax. The meeting was led by Chairman Dr Bakheet Al Katheeri, where shareholders also confirmed new board members, Mansoor Al Hamed and Janis Rey Lozada. Al Katheeri highlighted Tabreed's consistent performance throughout 2024.

"This is one of the UAE's most resilient companies," stated Al Katheeri, "and delivers excellent returns for its investors year after year, with 2024's dividend payments no exception." He attributed this success to strategic investments and careful business development.

Tabreed entered 2025 with significant momentum. The company raised $700 million through its first five-year green Sukuk. Additionally, it formed a joint venture with Dubai Holding to provide sustainable district cooling for Palm Jebel Ali, a major real estate project in the UAE.

The company's balance sheet is robust, with numerous promising opportunities on the horizon. In 2024, Tabreed completed two new plants and added 23,576 Refrigeration Tons (RTs) of new connections across its operations in the UAE, Saudi Arabia, Oman, Egypt, and India.

Consumption volumes also grew by 5 percent in 2024, reaching 2.66 billion refrigeration tonne hours (RTH). This increase reflects the company's expanding capacity and demand for its services across various regions.

Looking ahead to 2025, Tabreed is well-positioned for continued growth and success. The company's strategic initiatives and strong financial foundation suggest a positive outlook for future developments in district cooling solutions.

With inputs from WAM