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Tabreed registers 16.5% rise in net profits in 2020; dividends proposed

Tabreed registers 16.5% rise in net profits in 2020; dividends proposed
The company's revenues rose by 14.5% in 2020
Tabreed
TABREED
-3.86% 3.24 -0.13

Dubai – Mubasher: The net profits attributable to the equity holders of National Central Cooling Company (Tabreed) amounted to AED 550.342 million in 2020, 16.5% higher than AED 472.479 million in 2019.

The company's revenues rose by 14.5% to AED 1.74 billion during 2020, compared to AED 1.52 billion in the earlier year, according to the company's consolidated financial results for fiscal year 2020.

Meanwhile, the company's earnings before interest, tax, depreciation, and amortisation (EBITDA) climbed by 27% to AED 970 million in 2020 from AED 763 million in the previous year.

The basic and diluted earnings per share (EPS) settled at AED 0.20 last year, against AED 0.17 in 2019.

At the same time, the company's board has prop a cash dividend of 5.75 fils per share plus a bonus share issue of 1 share for every 45 shares held for 2020, up 10% from 2019 dividends.

Tabreed’s Chairman, Khaled Abdulla Al Qubaisi, said: "Tabreed has become an international powerhouse in district cooling, with 86 plants and investments in six countries. Our financial and operational achievements this past year allowed us to achieve impressive results despite a challenging operating environment."

Tabreed’s CEO, Bader Al Lamki, remarked: "For over 22 years, Tabreed has been the partner of choice for organisations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint."

It is noteworthy to mention that in the third quarter (Q3) of 2020, the company's net profits reached AED 146.146 million, up from AED 129.746 million in the prior-year period.