UAE-based National Central Cooling Company (Tabreed) has delivered solid financial and operational results in 2015, with a net profit of Dh345 million ($94 million), up six per cent over the previous year.

Tabreed's net income has been growing at a rate of 13 per cent since 2012, said a company statement.

Operationally, Tabreed now has several major projects under development across the region, including the 45,000 refrigerated tons (RT) district cooling plant for Dubai Parks and Resorts and a 40,000 RT plant in Doha's West Bay, it added.

Announcing the results, chairman Waleed Al Mokarrab Al Muhairi, said: "Tabreed's performance continues to steadily grow year-on-year, and the company today has a robust capital structure underpinned by a stable and recurring revenue stream."

He was addressing the Tabreed's board of directors, shareholders, and the company's senior leadership team at company's Annual General Assembly (AGA) yesterday (March 2).

Impressed by the results, the shareholders approved a cash dividend of six fils per share for 2015 at the company's AGA.

The approved dividend was 20 per cent higher than the dividend distributed the previous year thus placing the company's dividend yield in the top 10 among listed companies on the Dubai Financial Market.

"The decision by Tabreed's board of directors to increase dividends for 2015 is driven by the company's solid performance during the year and its positive future outlook, in addition to our commitment to provide sustainable returns to shareholders," remarked Al Muhairi.

CEO Jasim Husain Thabet said: "Tabreed's position as the only district cooling provider that operates across the GCC, has enabled us to benefit from the continued growth opportunities in markets such as Qatar and Saudi Arabia, in addition to the UAE."

"We expect this pattern to continue in the years ahead, and for the company to leverage on its existing network and strong presence across these key regional markets," he added.-TradeArabia News Service