Tabreed provides cooling systems to residential and commercial properties in the Gulf region, including Dubai’s metro network. Image Credit: Gulf News Archives

Abu Dhabi: Shareholders in Tabreed (National Central Cooling Company) have approved a dividend of 9.5 fils per share for 2018, which represents a 19 per cent increase on the previous year’s payout.

“Tabreed has delivered rising cash dividends to shareholders in recent years, and this year’s continues that trend,” said Khaled Abdulla Al Qubaisi, the Chairman. “Our progress has deservedly earned Tabreed a reputation for enduring reliable performance, which has assisted in securing our first international opportunity outside the GCC as we signed a 30-year concession for Amaravati, the new capital of Andhra Pradesh in India.”

In the 2018 results, the district cooling company reported a net profit increase of 7 per cent to Dh427.6 million. During this period, it added 39,061 refrigeration tons (RTs) of new connections, which resulted in the delivery of over 1.1 million RTs of cooling capacity.

During the year, the company acquired 50 per cent of S&T Cool District Cooling Company, a district cooling provider on Reem Island in Abu Dhabi, from Aldar Properties.

Tabreed also sold part of its stake in its associate Saudi Tabreed to IDB Infrastructure Fund II and successfully issued a $500 million, seven-year tenor sukuk, which was 50 per cent oversubscribed.