Dubai: Tabreed, the district cooling company, recorded a 12 per cent gain group revenues to Dh1.95 billion for 2021, bolstered by new project wins in its home market, the UAE. Going forward, the company will be taking direct aim at more revenues and RT (refrigerated tonnes) capacity from two key international markets – India and Egypt.
The net profit for 2021 attributable to the parent company was Dh585.2 million, a solid 6 per cent improvement on the Dh550.3 million from 2020. The Tabreed Board of Directors is pleased to recommend a dividend of 12.0 fils per share, to be paid 50 per cent in cash and 50 per cent through a bonus share issue of 1 share for every 40 shares held. This dividend represents an “increase on last year in line with the growth of the business, while retaining availability of growth capital within the business”.
Still feeling COVID-19 impact
According to the company, market conditions remained volatile through the year, with the pandemic playing a part in that. “Tabreed continued its proactive approach to staff welfare, too, with its Employee Assist Programme (EAP), which provides continuous support on a wide range of issues, including mental and physical wellbeing.”
Key UAE wins
New connections were set up at its Downtown Dubai District Cooling Plant network, following a deal struck with master-developer Emaar, and there was also the acquiring in full of Abu Dhabi’s 80,000 Refrigeration Ton (RT) Al Maryah plant from joint venture partner, Mubadala Infrastructure Partners (MIP).
Late last year, Tabreed reworked its operations in India, where it is targeting 100,000 RT in district cooling capacity. It entered a partnership with International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets.
This meant that the Tabreed India entity was transferred to a new, Singapore incorporated company, in which the UAE firm owned 75 per cent and 25 per cent was with IFC. “This company has a clear mandate to invest in projects of up to approximately $400 million over the next five years,” Tabreed said.