Dubai: Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in the region, announced Wednesday that it will recommend to its shareholders that they approve a special dividend payment of Dh2.2 billion (2fils per share) in addition to the final payment of Dh1.2 billion (1.10 fils per share).
This comes on top of the Dh1.9 billion (1.65 fils per share) already paid in quarterly dividends. Altogether it means that the total dividend payments to shareholders will be Dh5.3 billion (4.75 fils per share) for the financial year 2021. This total exceeds its expected payment outlined in the company’s dividend policy, with the increase reflecting the strong financial performance in 2021.
In February, TAQA reported its consolidated financial results for the year ended December 31, 2021 with net income increasing to Dh6 billion. The strong financial results were underpinned by its utilities business and boosted by the strong recovery in commodity prices.
“TAQA’s proposed dividend payment, totalling Dh5.3 billion for the full year, speaks to the financial strength of the company and robust performance for 2021. We continue to meet our dividend policy and our strategic commitments while maintaining a strong balance sheet. I would personally like to thank our stakeholders for their ongoing trust and support,” said Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director.
The special dividend payment was endorsed by TAQA’s Board of Directors on March 1 and the final dividend payment on February 10 for shareholder approval at the company’s Annual General Assembly Meeting, scheduled for March 15.