Tabreed celebrates its most successful year and approves record dividend for FY 2023

Tabreed, the UAE’s leading international district cooling company, on Tuesday 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. As disclosed in the company’s recent full-year results for 2023, this represents an increase of 15% over the previous year and recognises Tabreed’s strong financial performance.

During 2023, Tabreed reported a growth of 9% in revenue and an increase of 25% in net profit before tax to parent, the company said in a statement.

Tabreed’s AGA was chaired by the company’s Chairman, Khaled Abdullah Al Qubaisi, and during the meeting shareholders confirmed the appointment of two new board members: Geert Bunkens and Marion Deridder Blondel.

Commenting on Tabreed’s record-setting 2023, Al Qubaisi said that the confirmed dividend payments demonstrate the company’s approach to growth is the right one. “Our shareholders are a top priority for Tabreed and the business has a stellar reputation for delivering consistently excellent returns for our investors. We have just enjoyed another remarkable year and our name as a torchbearer for sustainability is growing, with Tabreed playing a decisive role in steering the conversation about global cooling during COP28.

“The simple fact is, that Tabreed’s steady growth is not just good for business but good for the planet. Our experience, stretching back more than quarter of a century, is unrivalled. As more countries turn their attention to ever increasing demands for cooling, realising too that they must act to mitigate climate change, district cooling is an obvious and well-established solution. And nobody does it better than Tabreed, which is why we are now gearing up for further international expansion.”

Last year, Tabreed added 53,000 refrigeration tons [RT] of new connections across its portfolio, which also grew with the addition of six new plants. The company now operates in six different countries, including India, and sees enormous potential to increase market share over the coming months and years.

Also investing heavily in renewable energy and setting new standards in decarbonisation, Tabreed undoubtedly remains the world’s leader in district cooling, the company said.