Abu Dhabi - Mubasher: The shareholders of Abu Dhabi National Energy Company (TAQA) greenlighted a new dividend policy for 2023–2025 based on both fixed and variable dividends, according to a press release.
The UAE-based firm will disburse a fixed dividend per share worth 3.25 fils in 2023, 3.50 fils in 2024, and 3.75 fils in 2025.
Furthermore, the variable dividend will be calculated in line with a discretionary percentage of its net profit from the oil and gas business.
TAQA plans to pay the proposed fixed and variable dividends on a quarterly and annual basis, respectively.
Jasim Husain Thabet, Group CEO and Managing Director of TAQA, commented: “The new policy announced today is an evolution of the quarterly policy we announced in 2020.”
Thabet added: “Shareholders will enjoy a fixed return from our utilities business, which has long-term and predictable contracted earnings, and a discretionary variable dividend based on the annual net profit of our oil and gas business.”
TAQA announced Mohamed Hassan Alsuwaidi and Khalifa Sultan Al Suwaidi as the Chairman and Vice Chairman of the board, respectively, for the coming three years.
Meanwhile, the ADX-listed company expanded the size of its board members to 11 from nine.
Chairman Alsuwaidi highlighted: “The new board of directors, elected at the company’s annual general assembly, brings in-depth experience and diversity that will ensure the company continues to build on its success to date and deliver sustained value for its shareholders and stakeholders, whilst contributing to the UAE’s national decarbonisation objectives in the ‘Year of Sustainability’.”
In 2022, the company generated net profits attributable to the shareholders worth AED 8.03 billion, an annual surge from AED 5.96 billion.