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Tabreed shareholders approve 8 Fils Dividend Per Share for 2017

23% higher cash dividend than 2016, company official says

| | Mar 8, 2018 | 2:30 pm
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Khaled Abdulla Al Qubaisi

Abu Dhabi, UAE, 8 March 2018: The shareholders of National Central Cooling Company PJSC (DFM: TABREED), the District Cooling utility company, today approved a dividend of 8 Fils per share for the financial year 2017, the company announced in a Press communiqué. This represents a 23% increase on the dividend paid out in 2016, the communiqué said.

Khaled Abdulla Al Qubaisi, Chairman, Tabreed, said: “Tabreed delivered another year of strong results and net profit growth in 2017. In the coming year, we look forward to continue delivering growth and stable returns to our shareholders, as we harness our expertise and capabilities of our major shareholders to meet the region’s growing cooling needs.”

According to Tabreed, the company released its audited financial results for 2017, which showed a 9% net profit increase to reach AED 400 million. The increase was mainly due to the addition of 43,900 RT to its existing cooling capacity during the year, through projects across the GCC region, the communiqué said.

Jasim Husain Thabet, Chief Executive Officer, Tabreed, said: “We are proud of our track record, which has led us to become the region’s leading District Cooling company, providing nearly 1.1 million refrigeration tonnes of cooling capacity to our customers.”

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