The Abu Dhabi National Energy Company (TAQA) announced that its shareholders have approved a new progressive dividend policy for the years 2020-2022.
The company said in a statement to Abu Dhabi Securities Exchange, today, Monday, that the general assembly agreed to distribute the 2020 dividends to shareholders in two stages.
> The first stage includes a dividend distribution for the first nine months of 2020 by 1.50 fils per share (totaling 1.687 billion dirhams), and this represents the first payment of the entire year 2020 dividends , Which is expected to reach 2.50 fils per share (totaling 2.811 billion dirhams).
The second will be distributed at a value of one penny per share, to be paid after the annual general meeting in 2021.
As for the profits for the years 2021 and 2022, they will be distributed on a quarterly basis.
and thus TAQA is the first company listed in the UAE capital markets to distribute its profits on a quarterly basis.
and will increase by 10% annually for the next two years (to become 2.75 fils per share in 2021, and 3.00 fils per share in 2022).
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This new dividend policy reflects the expansion of TAQA's business and an improvement in its financial position.
Mohamed Hassan Al Suwaidi, Chairman of TAQA, said: These are important steps to diversify the investor base in the company, improve the liquidity of the stock, and support the tireless efforts made by our wise leadership to encourage and attract Foreign investments and consolidating the position of the United Arab Emirates as one of the most attractive economies for foreign direct investment.
