Abu Dhabi National Energy Company (TAQA), one of the region’s largest integrated firms, has revealed that it will recommend to its shareholders to approve a special dividend payment of $600 million ($41.38 per share) in addition to the final payment of $330 million ($22.75 per share).
This comes on top of the $520 million ($34.18 per share) already paid in quarterly dividends. Altogether, it means that the total dividend payments to shareholders will be $1.44 million ($98.8 per share) for the financial year 2021, according to a company statement.
The total exceeds its expected payment outlined in the company’s dividend policy, with the increase reflecting the solid financial performance in 2021.
Last month, TAQA reported its consolidated financial results for the year ended 31st December 2021, with net income increasing to $1.63 billion. The strong financial results were underpinned by its utility business and boosted by the strong recovery in commodity prices.
“TAQA’s proposed dividend payment, totaling $1.44 billion for the full year, speaks to the financial strength of the company and robust performance for 2021. We continue to meet our dividend policy and our strategic commitments while maintaining a strong balance sheet. I want to thank our stakeholders for their ongoing trust and support.”
TAQA’s Board of Directors endorsed the special dividend payment on 1st March and the final dividend payment on 10th February for shareholder approval at the company’s Annual General Assembly Meeting, scheduled for 15th March.