Tabreed shareholders approve record dividend payment for 2022

Appointment of a new board member confirmed at the annual general assembly

Tabreed has continued to expand its operations in different markets as part of its growth strategy. Photo: Tabreed

Shareholders of the National Central Cooling Company, better known as Tabreed, have approved a record dividend payment for 2022 on the back of its strong financial performance last year.

The total dividend payment of 13.5 fils per share represents the highest dividend payment to the company’s shareholders in its 25-year history, it said in a statement on Tuesday to the Dubai Financial Market, where its shares are traded.

“On the back of an exceptional year, we are delighted to issue a record dividend payment, unlocking further value for our shareholders,” said Khaled Al Qubaisi, Tabreed’s chairman.

Founded in 1998, Tabreed owns and operates 86 district cooling plants across the GCC, including 75 in the UAE, three in Saudi Arabia, seven in Oman and one in Bahrain, in addition to other international projects and operations.

The company reported a 3 per cent annual rise in its 2022 full-year net income to Dh600 million ($163.4 million) as revenue rose 13 per cent to more than Dh2.2 billion amid a continued expansion in domestic and international markets.

It added nearly 55,000 refrigeration tonnes of new connections in the UAE and across the region last year.

“Cooling is the biggest consumer of electrical energy in this region, and district cooling uses approximately half the energy required by conventional methods, so the positive impact of our business benefits everybody, everywhere,” said Khalid Al Marzooqi, Tabreed’s chief executive, said.

During the annual general assembly, Tabreed's shareholders also confirmed the appointment of Alyazia Al Kuwaiti as a new board member.

Last year, the company increased the foreign ownership limit of its shares to 100 per cent from 49 per cent. It is also looking at acquisition opportunities to expand in India, Asia’s third-largest economy.