March 24, 2023

Dubai Week

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"TAQA" proposes to disburse 5.3 billion dirhams in cash dividends by 2021

“TAQA” proposes to disburse 5.3 billion dirhams in cash dividends by 2021

Abu Dhabi National Energy Company (TAQA), one of the largest integrated utility companies in the region and listed on the Abu Dhabi Stock Exchange, announced on Wednesday that it had submitted a plan subject to shareholder approval to distribute special cash dividends. AED 2.2 billion dirhams (2.00 fils per share) in addition to dividends AED 1.2 billion (1.10 fils per share), and AED 1.9 billion (1.65 fils per share) in the form of quarterly dividends.

This brings the total cash dividend for 2021 to 5.3 billion dirhams (4.75 fils per share). As a result of the increase in profits resulting from strong financial performance in 2021, these dividends are higher than those set by the company’s dividend policy.

Last February, TAQA announced its consolidated financial results for the fiscal year ending December 31, 2021. Net income doubled to 6 billion dirhams. This strong financial performance is based on the company’s business in the utility sector, and is driven by improvements in commodity prices.

Jasim Hussain Tabed, Group CEO and Managing Director, said: . We are committed to implementing our dividend policy. In addition to our commitment to our strategic goals, it maintains a strong capital structure. I would like to take this opportunity to express my sincere gratitude to all stakeholders for their continued trust and support.

It is noteworthy that the Board of Directors of “TAQA” approved the special dividend on March 1, 2022 and the final dividend on February 10, 2022 is pending for shareholder approval at the annual general meeting scheduled for March 15. , 2022.

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