Tabreed Shareholders Greenlight Record Dividend Following Stellar Financial Year

At the recent Annual General Assembly (AGA), Tabreed, the UAE's premier international district cooling company, announced a significant dividend increase, underscoring its robust financial health and commitment to shareholder value. The AGA, led by Chairman Khaled Abdullah Al Qubaisi, saw the approval of a 15.5 fils per share dividend, marking a 15% rise from the previous year. This decision comes on the heels of Tabreed's impressive performance in 2023, with a 9% revenue growth and a 25% surge in net profit before tax to parent.

During the assembly, shareholders also ratified the appointment of two new board members, Geert Bunkens and Marion Deridder Blondel. Al Qubaisi highlighted the company's exceptional year, attributing its success to a strategic approach focused on growth and sustainability. He emphasized Tabreed's pivotal role in advancing global cooling discussions, particularly at COP28, and its commitment to environmental stewardship through district cooling solutions.

Tabreed's operational achievements in 2023 included the addition of 53,000 refrigeration tons [RT] of new connections and six new plants to its portfolio. Now operating in six countries, including India, Tabreed is poised for further international expansion. The company's investment in renewable energy and leadership in decarbonisation efforts solidify its position as a global leader in district cooling.

Al Qubaisi's remarks underscored the dual benefits of Tabreed's growth strategy: delivering value to shareholders and contributing positively to the planet. With over a quarter-century of experience, Tabreed is well-equipped to meet the increasing global demand for sustainable cooling solutions.

With inputs from WAM