Shareholders in Tabreed approve 5% dividend
Shareholders in Tabreed - the Middle East’s award-winning district cooling pioneer - have approved a five per cent dividend payout at the company’s annual general meeting.
The dividend will be paid in shares valued at par (1 Dirham) each. The bonus shares will be paid to shareholders as of the record date of 1 April 2006. This follows the company’s strong 2005 financial results, which saw its annual net profit increase by a record-breaking 62%, compared to 2004.
Tabreed’s Chairman, Mohamed Saif Al Mazrouei described the 2005 financial results as a dream run and a phenomenal achievement – unmatched regionally and one of the best in the world.
“We will continue working together to deliver the difference - in innovation, growth in earnings and return on capital – to become even better,” he said.
Tabreed, one the of the world’s leading district cooling companies, last year achieved net profits of Dhs. 51.1 million compared to Dhs. 31.6 million in 2004.
“Tabreed begins 2006 with the greatest financial strength in the company’s history, excellent core assets and many contract announcements in the pipeline,” said Dany Safi, the company’s CEO.
“The pace of change in the cooling industry has been rapid and the challenges have been demanding. Tabreed is in a maturing stage with dedicated and experienced management and clear investment policies. The outlook for the future is extremely bright.”
The UAE-based company, with operations in five countries, generated 2005 revenues of Dhs. 400.9 million compared to Dhs. 242.1 million in 2004, a 65.5% increase. Gross profits for 2005 were Dhs 149.3 million, up from Dhs 91.3 million in 2004.
Tabreed is a UAE public joint stock company established in June 1998 and is now one of the world’s largest district cooling utilities. Tabreed provides district cooling services throughout the GCC countries with offices in Dubai, Abu Dhabi, Ras Al Khaimah, Doha, Manama, Khobar and Muscat. The company has been growing at a very rapid pace and has been recently awarded two gold awards by the International District Energy Association in the USA for new customers by the number of buildings it serves and by the cooling load.