ABU DHABI, UAE, 21 March 2023: The shareholders of Tabreed, on March 20, approved a cash dividend payment of 13.5 fils per share for 2022. Making the announcement through a Press release, Tabreed said it represents the highest dividend payment to Tabreed shareholders in the company’s 25-year history and marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022.

Tabreed said its Annual General Assembly (AGA), chaired by Chairman Khaled Abdullah Al Qubaisi, on March 20, formally approved the record dividend. Tabreed said it also used the AGA to elect its board of directors, in accordance with the three-year requirement set out in SCA regulations. Eight of the existing board members, Tabreed said, have been re-elected; shareholders confirmed the appointment of one new board member, Dr Alyazia Ali Al Kuwaiti, to the Board of Directors.

Speaking on the occasion, Al Qubaisi said: “As the UAE prepares to host COP28, Tabreed continues to build on its successful track record of delivering energy-efficient and environmentally friendly District Cooling solutions for customers, supporting their energy sustainability goals. We are proud of our ongoing partnership with customers to reduce energy consumption and carbon dioxide emissions and advance the growth of sustainable smart cities in the region.

“On the back of an exceptional year, we are delighted to issue a record dividend payment, unlocking further value for our shareholders while we continue to benefit people, societies and the environment with our pioneering, reliable and sustainable solutions.”

Khalid Abdulla Al Marzooqi, CEO, Tabreed, said: “Last year, group revenue increased by 13% to AED 2.22 billion, and we reported an EBITDA of AED 1.23 billion, which was an increase of 19% over 2021 – results everyone in the company can be proud of. As impressive as our financial performance undoubtedly is, at Tabreed we are equally proud of the fact that our operations prevent millions of tons of carbon emissions. 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.

“Tabreed is a most resilient company, and 2023 will be a landmark year for us, as we celebrate being in business for a quarter of a century. It is an exciting time for everyone at Tabreed, as we look ahead to the next 25 years as the world’s leading provider of sustainable cooling.”

In 2022, Tabreed said, it added nearly 55,000 refrigeration tons of new connections in the UAE and across the region, as the company invested in its network of assets in the UAE and Oman, and expanded into new markets.