Abu Dhabi National Energy Company (TAQA) on Wednesday announced to recommend its shareholders to approve a special dividend payment of AED2.2 billion ($600 million) (2.00 fils per share).
This will be in addition to the final payment of AED1.2 billion ($330 million) (1.10 fils per share).
Additionally, it comes on top of the AED1.9 billion ($500 million) (1.65 fils per share) already paid in quarterly dividends.
This means that the total dividend payments to shareholders will be AED5.3 billion ($1.44 billion) (4.75 fils per share) for the financial year 2021, a company statement said.
The total exceeds its expected payment outlined in the company’s dividend policy, with the increase reflecting the solid financial performance in 2021.
In February, TAQA reported its consolidated financial results for the year ended 31st December 2021, with net income increasing to AED6.0 billion.
The strong financial results were underpinned by its utilities business and boosted by the strong recovery in commodity prices.
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented, “We continue to meet our dividend policy and our strategic commitments while maintaining a strong balance sheet.”
TAQA’s Board of Directors endorsed the special dividend payment on 1st March and the final dividend payment on 10th February for shareholder approval.
This will be discussed at the company’s Annual General Assembly Meeting, scheduled for 15th March.