Shareholders of Tabreed, the Middle East’s district cooling pioneer, have approved a proposal to distribute seven per cent bonus amounting to Dh79.38 million for 2007.
The shareholders at their annual general meeting also approved appointment of Khadem Abdulla Al Qubaisi as the new Chairman.
Al Qubaisi is currently the Managing Director of International Petroleum Investment Company (Ipic).
Waleed Al Mokarrab, Chief Operating Officer of Mubadala Investment Company, will serve as the Vice-Chairman of the company.
The board of directors has also been reconstituted with new members such as Ibrahim Ahmed Al Ansari, Board Member and General Manager, Dolphin Energy; Khalifa Mohamed Al Mazrouei, Board Member and Chairman of Abu Dhabi Airports Company (Adac); Abdul Raouf Al Bitar, Board Member; Abdulla Abdul Reda Khouri, Board Member and Director of Government Affairs, Abu Dhabi Executive Affairs Authority; Ali Saeed Al Badi, Board Member and Director of Management Support Department at Adnoc; Khaled Al Qubaisi, Chief Investment Officer – International Capital Trading; Dany Safi, Board Member and Chief Executive Officer, Tabreed.
For 2007, the company has posted an increase of 26 per cent in earnings from continuing operations as compared to 2006. The company’s 2007 revenues increased to Dh549 million, a 17 per cent increase over the 2006 figures.
26%: Increase in profits posted by the company in 2007
Dh549m: Rise in Tabreed’s revenues in 2007, a 17 per cent increase over the 2006 figure
Tabreed approves 7% per cent bonus