Zawya
Summary
The National Central Cooling Company (Tabreed) is expected to release its highest ever dividend for 2021 and make further investments this year to grow its business.
The district cooling provider on Tuesday said its shareholders have just approved the payout, which is a mix of cash and bonus shares. Shareholders will get a cash dividend of six fils per share, aside from a bonus of one share for every 40 shares held, which is equivalent to 12 fils per share.
"This is the highest ever dividend payment... and represents an increase on the previous year which reflects the growth of the business," Tabreed said in a statement to the Dubai Financial Market (DFM).
The company's chairman, Khaled Abdulla Al Qubaisi, said that 2021 was a "stellar year", which saw Tabreed expand its business through organic growth and acquisitions.
"As we look ahead, we will continue to invest in our business," he added.
Last year, group revenue increased by 12 percent to 1.95 billion dirhams ($530 million), while net income grew 6.3 percent to 585 million dirhams.
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