TAQA Group announces revenues of AED30.8 billion for first nine months of 2020

ABU DHABI, Abu Dhabi National Energy Company, TAQA, has reported its first consolidated pro-forma financial results following its transaction with Abu Dhabi Power Corporation, ADPower, on 1st July, 2020, announcing group revenues of AED30.8 billion during the first nine months of 2020.

In addition to approving TAQA Group’s financial results, the Board of Directors approved an increase in the Company’s foreign ownership limit of TAQA shares to 49%, effective immediately. Ownership was previously limited to UAE nationals and institutions.

The Board also proposed a new dividend policy that will target a total dividend of 2.50 fils/share for 2020, growing 10% annually for the following two years. As per the proposed policy, dividends for 2020 will be paid through an interim dividend of 1.50 fils/share to be paid as soon as possible and a final dividend of 1.00 fils/share to be paid after the Annual General Assembly in 2021. Dividends for 2021 and 2022 will be paid quarterly. TAQA will be the first UAE listed company to pay dividends on a quarterly basis. The implementation of the policy will be subject to further regulatory and shareholder approval, which, once obtained, will allow the Board to subsequently approve the payment of an interim dividend as soon as possible thereafter.

Following the Company’s Board meeting, Mohamed Hassan Al Suwaidi, Chairman of TAQA Group, commented, “We are excited to see TAQA embark on a journey that is strengthened by the recent integration with ADPower. We are also pleased to start delivering on the Company’s new strategic imperatives, which includes delivery of sustainable shareholder returns. To that end, we will propose to our shareholders a progressive dividend policy that will see TAQA return cash to investors on a quarterly basis – a first in the UAE by a publicly listed company – and commit to growing this by 10% per year over the next two years.

“Our decision to permit foreign ownership in TAQA, for the first time and to the maximum limit allowed, is another step in our strategy to diversify our investor base, improve the stock’s liquidity and support the significant efforts of our country’s leadership to encourage foreign capital inflows and position the UAE among the most attractive economies for foreign direct investment.”

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said, “Strong market headwinds have challenged the entire energy industry this year, but as a new, transformed company, TAQA’s financial results demonstrate the company’s ability to deliver on our core mandate – to reliably supply energy and water to those we serve. TAQA continues to forge ahead, emboldened by the operational and strategic ambitions we established at the closing of our landmark transaction with ADPower.”

 

Source: Emirates News Agency