Strong gains in its home market as well as outside moves landed Tabreed with a solid set of numbers in 2021. Image Credit: Gulf News Archive

Dubai: The UAE district cooling company Tabreed has rewarded shareholders by issuing its highest ever dividend payout – six fils a share plus one additional share for every 40 that’s held by them. This equates to 12 fils a share.

The decision comes after Tabreed came up with a strong showing in 2021, both within its home market and outside. “2021 was a stellar year for Tabreed, seeing us outperform on multiple fronts to advance towards our long-term sustainable growth plans,” said Khaled Abdulla Al Qubaisi, Chairman. “We doubled down on our strategy, expanded through organic growth and acquisitions, achieved operational efficiencies and delivered excellence for our clients and people.”

Last year, group-wide revenues gained 12 per cent to Dh1.95 billion, while the core chilled water revenue was also up 12 per cent to Dh1.88 billion. On the capacity side, Tabreed added 40,495 Refrigeration Tons (RT) via new customer connections, as well as taking firm steps into raising its presence in select overseas markets.

All of which is “proof, if any were needed, that Tabreed is on the right path,” said the CEO, Khalid Abdulla Al Marzooqi. “And already 2022 is shaping up to be another stellar year in the history of this most resilient organisation.”

Tabreed’s deals
Last year, Tarbreed acquired the 80,000 Refrigeration Ton (RT) Al Maryah plant in Abu Dhabi. There was also a “strategic partnership” with the World Bank Group’s International Finance Corporation (IFC) for projects in India.

“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,” said Khaled Abdulla Al Qubaisi, Chairman.