Monday, March 4, 2024

TAQA announces new dividend policy for years (2023-2025).


Abu Dhabi National Energy Company “TAQA” announced that its shareholders approved a new policy for distribution of profits for the years during the annual general assembly meeting held on March 15, 2023 at the company’s headquarters in Abu Dhabi. 2025). Company will distribute this profit on quarterly basis as per previous policy.

As for “variable profits”, it will come from the oil and gas business sector within the group and will be calculated as an estimated percentage of the annual net profit of this sector and will be distributed once a year. Approval at Annual General Meeting.

Private income

TAQA also announced the distribution of a special dividend for 2022 worth 2.1 bils per share, noting that the company distributed a quarterly profit of 0.6 fils in addition to a normal profit of 1.2 bils per share in the last quarter of the same year. per share in each of the first and second quarters. and the third in 2022, bringing the total dividend distributed in 2022 to 5.1 fils (5,738 billion dirhams) per share.

Board of Directors

In addition to shareholder approval for distribution of special profits and a new policy for distribution of profits, they agreed to expand the board of directors to include 11 members instead of nine, and they also elected a new board. Directors for a term of three years. The board consists of the following members: Chairman of the Board of Directors Muhammad Hassan Al-Suwaidi and Deputy Chairman of the Board of Directors Khalifa Sultan Al-Suwaidi, in addition to Mansoor Muhammad Al-Mullah, Hamad Abdullah Al-Hammadi, Abdulaziz Abdullah Al-Hajri, Iman Abdul-Ghafour Al-Qasim. , Moza Saeed Al-Rumaithi, Samia Bouazza Tawfik, Klaus Dieter Maubach, Christopher Jeffrey Finlayson, and Jassim Hussein Thabet are members of the Board of Directors.

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Female representation

Within the framework of TAQA’s 2030 strategy for environmental, social and governance standards, one of its goals is to increase the percentage of women’s representation in management positions in the organization to 30% by 2030. In order to achieve greater female representation, shareholders’ interest, the elected board of directors consisted of three women with experience and professional skills, who were selected for membership of the Council from six female candidates.

constant value

Mohammed Hassan Al Suwaidi, Chairman of the Board of Directors of Abu Dhabi National Energy Company (TAQA), said: “TAQA Group continues to execute its strategy and achieve sustainable growth in all areas of its business, becoming one of the largest integrated utility companies. in the Middle East, Europe and North Africa.”

He emphasized that the formation of the new Board of Directors, elected during the Annual General Meeting, will contribute to significantly improve expertise and diversity within the Board. Date, to deliver sustainable value to shareholders and stakeholders and to contribute on time and achieve the UAE’s goals of reducing the carbon footprint at the local level during the Year of Sustainability.

Powerful performance

For his part, Jassim Hussain Thabet, Group CEO and Managing Director of Abu Dhabi National Energy Company (TAQA), said: “The Group’s strong and consistent financial performance over the past three years and its strong credit ratings reflect our high potential. We have earned the trust of shareholders through our progressive dividend distribution policy. Let’s keep getting it.” .

He emphasized that the new policy announced by him evolved from the quarterly dividend policy announced in 2020. Under the new policy, our shareholders will benefit by getting consistent profits from the group’s utility sector business. Periodic and predictable. As for variable profits, they come from the oil and gas business within the group and are calculated as a percentage of the annual net profit in the sector.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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