Abu Dhabi – Mubasher: The net profits attributable to the equity holders of Abu Dhabi National Energy Company (TAQA) decreased to AED 2.21 billion in the first nine months of 2020 from AED 2.67 billion in the same period of 2019.

The group has generated revenues of AED 30.82 billion in the January-September period of 2020, down 7% from AED 33.28 billion in the year-ago period, according to the group's interim consolidated financial results for the period ended on 30 September 2020.

Lower revenues are driven by a decrease in commodity prices and production volumes within the oil and gas segment.

Meanwhile, the earnings before interest, tax, depreciation, and amortisation (EBITDA) retreated by 17% to AED 12.01 billion in the first nine months of 2020 from AED 14.497 billion in the prior-year period.

The basic and diluted earnings per share (EPS) settled at AED 0.02 in the January-September period of 2020, compared to AED 0.03 during the corresponding period of 2019.

During the third quarter (Q3) of 2020, the group's net profits lowered to AED 700 million from AED 1.5 billion in the same quarter of 2019.

At the same time, the board has recommended a new dividend policy that will target a total dividend of 2.50 fils/share for 2020 to grow by 10% annually in the next two years.

Under the new dividend policy, dividends for 2020 will be distributed through an interim dividend of 1.50 fils/share and a final dividend of 1.00 fils/share which will be paid after the annual general meeting in 2021. 

Moreover, the board approved to raise the foreign ownership limit of TAQA shares to 49%.

The Chairman of TAQA Group, Mohamed Hassan Al Suwaidi, said: "Our decision to permit foreign ownership in TAQA, for the first time and to the maximum limit allowed, is another step in our strategy to diversify our investor base, improve the stock’s liquidity, and support the significant efforts of our country’s leadership."

TAQA’s Group CEO and Managing Director, Jasim Husain Thabet, commented: "TAQA continues to forge ahead, emboldened by the operational and strategic ambitions we established at the closing of our landmark transaction with ADPower."

It is noteworthy to mention that in the first half (H1) of 2020, TAQA registered net losses attributable to equity holders of the parent company of AED 1.93 billion in the January-June period of 2020, against net profits of AED 214 million in the same period of 2019.