Tabreed shareholders mandate 19% hike in cash dividend
|By Arabian Post Staff| The shareholders of National Central Cooling Company have approved a dividend of 9.5 fils per share for the financial year ending 31 December 2018. Driven by the company’s strong and consistent performance in 2018, this represents a 19% increase on the previous year’s pay out.
The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.
Commenting on the full-year performance, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman said: “In 2018, our 20th year of operations, we delivered an outstanding year of financial and operational performance. Tabreed has delivered rising cash dividends to shareholders in recent years, and this year’s dividend continues that trend. Our progress has deservedly earned Tabreed a reputation for enduring reliable performance which has assisted in securing our first international opportunity outside the GCC as we signed a 30-year concession for Amaravati, the new capital of Andhra Pradesh in India.”
In the 2018 full-year results, Tabreed reported a net profit increase of 7 percent to AED 427.6 million, adding 39,061 refrigeration tons of new connections, resulting in the delivery of over 1.1 million RTs of cooling capacity. During the year, the company acquired 50% of S&T Cool District Cooling Company LLC, a major district cooling provider on Reem Island in Abu Dhabi, from Aldar Properties. Tabreed also sold part of its stake in its associate Saudi Tabreed to the IDB Infrastructure Fund II and successfully issued a US$500 million, seven-year tenor sukuk, which was 50% oversubscribed.
Originally published at Arabian Post.