The dividend will be paid in shares valued at par (1 Dirham) each. Shareholders will be asked to approve the payout at the company's annual general meeting scheduled for March 13 and 20.
The announcement follows the company's strong 2005 financial results, which saw its annual net profit increase by a record-breaking 62% compared to 2004.
"Last year's performance was extremely encouraging and has set the foundation for further growth this year with more contracts expected and the launch of Saudi Tabreed, which gives us access to the Kingdom's booming construction market," Dany Safi, CEO, Tabreed.
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 in 2004.
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, posting a 65.5% increase. Gross profits for 2005 were Dhs 149.3 million, up from Dhs 91.3 million in 2004.
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Tabreed recommends 5% dividend
- United Arab Emirates: Monday, February 13 - 2006 at 16:30
- PRESS RELEASE
The Board of Directors of Tabreed, the Middle East's award-winning district cooling pioneer, has recommended a five per cent dividend payout to the company's shareholders.
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About Tabreed: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.
Tabreed pioneers energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The company offers customers the highest quality service through an integrated energy system devised to help them optimize their energy usage and reduce power and maintenance costs. Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.
For more information:
Contact Rita Chahoud or Noura Al Ali
Tel: +971-(0)4-3404422
Fax: +971-(0)4-3404420
Posted by Janeta Novakovic, Assistant News EditorMonday, February 13 - 2006 at 16:30 UAE local time (GMT+4)
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