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Tabreed approves 8pc increase in dividend

ABU DHABI, March 7, 2017

Tabreed, a leading UAE-based district cooling utility company, has approved a dividend of 6.5 fils per share to shareholders for 2016, up eight per cent over the previous year, mainly driven by the company’s strong performance for the year.

The dividend was approved by the shareholders at the company’s annual general assembly under the chairmanship of Khaled Abdulla Al Qubaisi, Tabreed’s board member.

Speaking at the meeting, 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 eight per cent 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," he added.

Tabreed CEO Jasim Husain Thabet pointed out that the company 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," he noted.

Earlier this year, Tabreed released its audited financial results for 2016, which witnessed a robust six per cent increase in net profit which soared to Dh367 million ($99.8 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 (ICT) in Abu Dhabi, building on Tabreed’s established presence in the GCC, said te UAE-based utility firm.

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.

Tabreed provides district cooling services to many of the region’s landmark projects including all the
developments on Abu Dhabi’s Al Maryah Island and on Yas Island in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Pearl Island in Qatar, and the Aramco Development Project in Dhahran Saudi Arabia.-TradeArabia News Service




Tags: UAE | Tabreed | Utility | dividends |

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