ABU DHABI, UAE, 20 March 2024: Tabreed announced that it held its Annual General Assembly (AGA), during which shareholders approved a record-high dividend payment of 15.5 fils per share, paid fully in cash. Making the announcement through a Press release, Tabreed said that as disclosed in the company’s recent full-year results for 2023, this represents an increase of 15% over the previous year and recognises its strong financial performance. Furthermore, Tabreed said, during 2023, it reported a growth of nine per cent in revenue and an increase of 25% in net profit before tax to parent. 

Tabreed said its AGA was chaired by  Khaled Abdullah Al Qubaisi, Chairman, Tabreed, and added that during the meeting, shareholders confirmed the appointment of Geert Bunkens and Marion Deridder Blondel, as the new board members.

Commenting on Tabreed’s record-setting 2023, Al Qubaisi said: “The confirmed dividend payments demonstrate the company’s approach to growth is the right one. Our shareholders are a top priority, and the business has a reputation for delivering consistently excellent returns for our investors. Moreover, we have just enjoyed another remarkable year, and our name as a torchbearer for sustainability is growing, with the company playing a decisive role in steering the conversation about global cooling during COP28. The simple fact is that Tabreed’s steady growth is good for business and the planet. Our experience, stretching back over a quarter of a century, is unrivalled. As more countries turn their attention to ever-increasing demands for cooling, realising that they must act to mitigate climate change, District Cooling is an obvious and well-established solution. And nobody does it better than Tabreed, so we are now gearing up for further international expansion.” 

Tabreed said that last year, it added 53,000 refrigeration tons [RT] of new connections across its portfolio, which grew with the addition of six new plants. The company said it now operates in six different countries, including India, and sees enormous potential to increase market share over the coming months and years. Furthermore, Tabreed said, it is investing heavily in renewable energy and setting new standards in decarbonisation.