Abu Dhabi, UAE — Abu Dhabi National Energy Company (TAQA) has approved a new dividend policy for 2023 – 2025 based on a combination of fixed and variable dividends, expecting to pay a fixed dividend per share, derived from its utilities earnings, of 3.25 fils in 2023, 3.50 fils in 2024 and 3.75 fils in 2025.
Similar to the previous policy, TAQA will continue to pay the fixed dividends on a quarterly basis. In addition to this, it proposes to pay a variable dividend calculated based on a discretionary percentage of the company’s net profit from its oil & gas business. The variable dividend is to be paid annually following approval at the relevant Annual General Assembly.
The company also announced a special dividend of 2.1 fils per share, and 1.2 fils per share for Q4 which, in addition to the interim dividends of 0.6 fils per share paid for each of Q1, Q2 and Q3, brings the total dividends for 2022 to 5.1 fils (AED5,738 million or $1.55 billion).
In addition to the new dividend policy and the special dividend for 2022, the company expanded the size of its Board of Directors from nine to eleven and elected members for a new term of three years, including Mohamed Hassan Alsuwaidi as Chairman and Khalifa Sultan Al Suwaidi as Vice Chairman.
The Board Members are — Mansour Mohamed AlMulla, Hamad Abdulla Al Hammadi, AbdulAziz Abdulla Al Hajri, Iman Adulghafoor Al Qasim, Mouza Saeed Al Romaithi, Samia Bouazza Toufic, Dr. Klaus-Dieter Maubach, Christopher Geoffrey Finlayson, and Jasim Husain Thabet.
In February, TAQA reported net income of AED8 billion for 2022, driven by its utilities business and boosted by the strong recovery in commodity prices.