Tabreed posts 25% YoY profit hike in 2023; AED 441m dividends proposed

Tabreed posts 25% YoY profit hike in 2023; AED 441m dividends proposed

Dubai – Mubasher: National Central Cooling Company (Tabreed) logged a net profit before tax attributable to the parent company worth AED 751.40 million in 2023, up 25% year-on-year (YoY) from AED 600.20 million.

Group revenue grew by 9% YoY to AED 2.40 billion last year from AED 2.20 billion in 2022, according to the consolidated financial statements.

Total basic and diluted earnings per share (EPS) attributable to ordinary equity holders reached AED 0.15 in 2023, down from AED 0.21 a year earlier.

Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “This time last year I spoke about Tabreed’s carefully planned growth and taking our globally renowned expertise into new markets. We spent 2023 making good on that promise and now operate in six countries, including India, supplying sustainable cooling to our prestigious clients.”

“This is just the beginning and, over the next few years, we will continue to capitalise on Tabreed’s unrivalled history and world-leading experience by aggressively, yet considerately, targeting opportunities for expansion,” Al Qubaisi added.

He highlighted: “Opportunities that will provide healthy returns for our investors while benefiting the countries and communities in which we operate. International demand for our services is growing considerably and these results prove we are ready, willing and able to