Abu Dhabi – Mubasher: The shareholders of Abu Dhabi National Energy Company (TAQA) have approved a new dividend policy for 2020-2022.
As part of the new policy, dividends for 2020 will be distributed through interim dividends of 1.5 fils per share for the first nine months of 2020 and final dividends of 1 fils per share, due to be paid in 2021.
The full-year 2020 dividends are forecast to reach AED 2.811 billion or 2.50 fils per share.
The dividends will annually increase by 10% to 2.75 fils per share for 2021 and 3 fils per share for 2022.
In 2021 and 2022, dividends will be paid quarterly, making TAQA the first UAE-listed company to distribute dividends on a quarterly basis.
The Chairman of TAQA Group, Mohamed Hassan Al Suwaidi, said: "We are pleased to begin delivery of TAQA’s new strategic imperatives, which include providing attractive and sustainable shareholder returns through the adoption of a new progressive dividend policy and permitting up to 49% foreign ownership of TAQA’s issued capital."
TAQA’s Group CEO and Managing Director, Jasim Husain Thabet, commented: "Today’s approval for TAQA’s new dividend policy reinforces the Board’s and shareholders’ confidence in the company’s financial strength and predictable cash flow as well as our growth plans for the future."
It is noteworthy to mention that during the first nine months of 2020, the net profits attributable to the equity holders of TAQA decreased to AED 2.21 billion from AED 2.67 billion in the same period of 2019.
