Abu Dhabi National Energy Company (TAQA) achieved a net income of 2.8 billion dirhams in 2020.
According to the Emirates News Agency, the total revenues of the group amounted to 41.2 billion dirhams, and earnings before interest, taxes, depreciation and amortization amounted to 16 billion dirhams, while capital spending reached 4 billion dirhams .
The average production of the oil and gas sector has reached 118,000 barrels of oil equivalent per day, and construction work is underway on low-carbon projects to generate electricity and water desalination in the UAE with a total production capacity of 4.4 GW, 200 MIG.
TAQA's board of directors proposed a final cash dividend of 1.1 billion dirhams, 1.00 fils per share .. In addition to the 1.7 billion dirhams 1.50 fils per share that was paid in December, The total cash dividends for the year will reach 2.8 billion dirhams 2.50 fils per share, in implementation of the dividend distribution policy, which was recently approved by the shareholders.
This proposal will be submitted to the shareholders of the company for approval at the annual general assembly meeting expected to be held on March 18, 2021 after obtaining regulatory approvals .. And if approved, Final cash dividend of 1.00 fils per share will be paid in April 2021.
His Excellency Mohamed Hassan Al-Suwaidi, Chairman of the Board of Directors of TAQA said: The year 2020 witnessed a great turbulence in the markets due to the Covid 19 pandemic, but despite this difficult challenge The year was full of positive developments, changes, and achievements for TAQA .. In July, we succeeded in transferring most of the water and electricity assets in Abu Dhabi to become under the supervision of a new team to manage a energy company..and we are now in a better position that enables us to grow thanks to our solid balance sheet and our cash flows In addition to that, we were able to fulfill our commitment to our shareholders, which is to achieve large and sustainable returns, which we will pay under the new dividend policy .. The completion of the asset transfer deal constituted the beginning of our business. Integration, which will unleash the promising potential of the company in the long term .. We have made great progress and I look forward to continuing this success through 2021.
For his part, Jassim Hussain Thabet, Group CEO and Managing Director of TAQA, said: TAQA has topped a new niche in the market during an exceptionally difficult year. These financial results reflect a strong foundation for growth that stems from our historic deal with Abu Dhabi Power Corporation PJSC.
I am extremely proud of our employees who faced the pandemic and did everything they could ...
