Abu Dhabi’s Taqa approves new dividend of AED5.7bn for 2022

ABU DHABI / WAM

Abu Dhabi National Energy Company (Taqa) announced that its shareholders approved a new dividend policy for 2023–2025 based on a combination of fixed and variable dividends.
Under the new policy, the company expects to pay a fixed dividend per share, derived from its utilities earnings, of 3.25 fils in 2023, 3.50 fils in 2024 and 3.75 fils in 2025.
Similar to the previous policy, Taqa will continue to pay the fixed dividends on a quarterly basis. In addition to this, it proposes to pay a variable dividend calculated based on a discretionary percentage of the company’s net profit from its oil & gas business. The variable dividend is to be paid annually following approval at the relevant Annual General Assembly.
The Company also announced a special dividend of 2.1 fils/share, and 1.2 fils/share for Q4 which, in addition to the interim dividends of 0.6 fils/share paid for each of Q1, Q2 and Q3, brings the total dividends for 2022 to 5.1 fils (AED5,738 million).
In addition to the new dividend policy and the special dividend for 2022, the company expanded the size of its Board of Directors from nine to eleven and elected the following members for a new term of three years, including Mohamed Hassan Alsuwaidi as Chairman and Khalifa Sultan Al Suwaidi as Vice Chairman.
The new board was selected through an election process after announcing candidates in February. Mohamed Hassan Alsuwaidi, Taqa Group’s Chairman, commented, “Taqa group continues to execute on its strategy and deliver sustainable growth across its businesses as one of the largest integrated utilities in the Middle East, Europe and North African region.”