The shareholders of UAE-based district cooling provider Tabreed have approved a dividend for 2021 through the combination of a cash dividend of 6 fils per share and a bonus share issue of 1 share for every 40 shares held, which equates to 12 fils per share.
This is the highest-ever dividend payment to Tabreed shareholders and represents a marked increase on the previous year, reflecting the growth of the business, whilst retaining availability of the district cooling company’s growth capital.
The dividend was formally approved during Tabreed’s Annual General Assembly (AGA), which took place on Monday, 21 March 2022.
The AGA was chaired by the chairman of Tabreed, Khaled Abdulla Al Qubaisi. Shareholders and members of Tabreed’s Board of Directors attended the meeting.
Tabreed’s chief executive officer, Khalid Abdulla Al Marzooqi, said: “During 2021, group revenue increased by 12 percent to $530.88 million (AED 1.95 billion), core chilled water revenue increased by 12 percent to $511.82 million (AED 1.88 billion), and we added 40,495 Refrigeration Tonnes (RT) of new customer connections – proof, if any were needed, that Tabreed is on the right path. Already 2022 is shaping up to be another stellar year in the history of this most resilient organisation.”
“We provide essential district cooling to many of the region’s most notable real estate developments and communities, aligning with the country’s stated environmental targets by massively reducing energy consumption, resulting in significant reductions in carbon emissions.
Al Marzooqi added: “Our operations last year, for instance, prevented the release of 1.39 million metric tonnes of CO2 into the atmosphere, equivalent to the removal of 302,592 vehicles from our roads.”
Tabreed provides essential and sustainable district cooling services to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, The Dubai Mall, Dubai Opera, Dubai Metro, the Bahrain Financial Harbour, and the Jabal Omar Development in Mecca.
The firm owns and operates 86 plants in its portfolio 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.
Commenting on the company’s success throughout 2021, Al Qubaisi said: “2021 was a stellar year for Tabreed, seeing us outperform on multiple fronts to advance towards our long-term sustainable growth plans.
“We doubled down on our strategy, expanded through organic growth and acquisitions, achieved operational efficiencies and delivered excellence for our clients and people. Our Green Finance Framework further placed us at the heart of the region’s current and future sustainable infrastructure projects.”
Al Qubaisi added: “Our resolute focus on excellence in all that we do has reinforced Tabreed’s resilience and reliability, unlocking value across the business. Both our acquisition of the 80,000 Refrigeration Tonne (RT) Al Maryah plant and our strategic partnership with the World Bank Group’s International Finance Corporation (IFC), underscored our focus on partnerships and pursuit for growth in the UAE and key international markets.
“As we look ahead, we will continue to invest in our business, to capitalise on the significant opportunities aligned with our focus on creating a sustainable future for all.”
Al Marzooqi added: “Tabreed has a more diverse business portfolio than ever before, as we continue to expand into new geographical regions and service offerings. Recently we announced new projects in Egypt and Saudi Arabia, while our operations in India continue to gather pace.
“In addition to our district cooling operations, Tabreed now helps businesses optimise their energy usage, reducing their operating costs and environmental impact – all of which add to the company’s already impeccable green credentials. A dynamic and sustainable business, I am confident that Tabreed will go from strength-to-strength over the coming months and years.”
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