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Tabreed’s OGM approves AED 0.105/shr dividends for 2019

Tabreed’s OGM approves AED 0.105/shr dividends for 2019
Tabreed approved dividends at 10.5 fils per share
Tabreed
TABREED
-0.31% 3.23 -0.01

Dubai – Mubasher: The ordinary general meeting (OGM) of the National Central Cooling Company (Tabreed) has approved paying out dividends at 10.5 fils per share for 2019.

The dividends are 11% higher compared to the 2018 distribution, according to the company’s disclosure to the Dubai Financial Market (DFM) on Monday.

Tabreed’s chairman, Khaled Abdulla Al Qubaisi, said: “In 2019, Tabreed delivered a net profit increase of 11% and added 51,366 RTs of new connections, bringing our total capacity to 1,182,715 RTs.”

“Tabreed continues to rapidly expand its client base both regionally in the GCC and internationally, including through acquiring an 8% increased stake in Saudi Tabreed during the year and through our continued presence in India, both being increasingly important markets for us," Al Qubaisi added.

It is noteworthy to highlight that last year, Tabreed posted an 11% profit growth to AED 472.5 million, compared to AED 427.6 million in 2018.