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Shareholders of Abu Dhabi National Energy Company (Taqa) have approved a new dividend policy for 2023-25 based on a mix of fixed and variable dividends at the company’s annual general meeting.
Under the new policy, the company expects to pay a fixed dividend of 3.25 fils ($0.91) per share in 2023, 3.50 fils in 2024 and 3.75 fils in 2025. Similar to the previous policy, Taqa will continue to pay a fixed quarterly dividend.
Apart from this, it also proposes to pay a variable dividend calculated based on a discretionary percentage of the company’s oil and gas business net profit. Variable dividends will be paid annually upon approval by the relevant Annual General Meeting.
special dividend
Company also declared special dividends of 2.1 fils/share and 1.2 fils/share for Q4, plus interim dividends of 0.6 fils/share paid for Q1, Q2 and Q3 , bringing total dividends in 2022 to Fil 510 million (AED 5.74 billion).
In addition to the new dividend policy and a special dividend for 2022, the company expanded its Board of Directors from nine to eleven members and elected the following members to serve three-year terms:
Mohamed Hassan Al-Suwaidi, Chairman
Khalifa Sultan Al Suwaidi, Vice-Chairman
Mansour Mohamed AlMulla, Board Member
Hamad Abdulla Al Hammadi, Board Member
Abdul Aziz Abdulla Al Hajri, Board Member
Iman Adulghafoor Al Qasim, Board Member
Mouza Saeed Al Romaithi, Board Member
Samia Bouazza Toufic, Board Member
Dr. Klaus-Dieter Maubach, Member of the Board of Directors
Christopher Geoffrey Finlayson, Board Member
Jasim Husain Thabet, Board Member
30pc female manager
The new board was selected through an electoral process following the announcement of candidates in February. As part of the company’s ESG 2030 goals, it aims to have at least 30% of its managers be women by 2030.
In keeping with a desire to increase female representation, board nominees included six strong female candidates, which resulted in shareholders electing three women to the board.
Alsuwaidi commented: “As one of the largest integrated utilities companies in the MENA region, Taqa Group continues to execute on its strategy and achieve sustainable growth in its business. As part of Taqa’s journey, elected at the company’s annual general meeting The new Board of Directors brings a wealth of experience and diversity and will ensure the company continues to build on its success to date and create continued value for its shareholders and stakeholders, while contributing to the UAE’s ‘Year of Sustainability’ Contribute to national decarbonization goals.”
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Thabet said: “Taqa’s solid and stable financial performance over the past three years, coupled with a strong credit rating, means that as a company we are able to maintain a progressive dividend policy for our shareholders. The new policy is an evolution of the quarterly policy we announced in 2020 .Shareholders will enjoy fixed returns from our utilities business with long-term and predictable contracted earnings, and discretionary variable dividends based on our annual net profit from oil and gas businesses.As a company, we are leveraging the benefits that the energy transition provides provides a compelling investment proposition when the opportunity arises, and we remain focused on growing our utilities business while maintaining our commitment to ESG objectives.”
In February, Taqa announced its full-year financial results for the year ending December 31, 2022, with net revenue rising to AED8 billion. The strong financial performance was supported by its utilities business and driven by a strong recovery in commodity prices. — trade arab news agency
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