UAE district cooling company Tabreed announces cash-and-stock dividend for ’21 after profit of Dh585.2m

UAE district cooling company Tabreed announces cash-and-stock dividend for ’21 after profit of Dh585.2m

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”. 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.” New connections were set