Of which 1.9 billion dirhams was previously distributed in the form of quarterly profits

“TAQA” proposes distributing 5.3 billion dirhams in total cash dividends for the year 2021

Abu Dhabi National Energy Company (TAQA), listed on the Abu Dhabi Stock Exchange, announced that it has submitted a proposal, subject to shareholder approval, to distribute special cash dividends of 2.2 billion dirhams (2.00 fils per share), in addition to final cash dividends of 1.2 billion dirhams (1.10 fils per share). This is added to the amount of 1.9 billion dirhams (1.65 fils per share) that was previously distributed in the form of quarterly dividends, bringing the total cash dividends for the year 2021 to 5.3 billion dirhams (4.75 fils per share).

In a statement, the company stated that these distributions exceed those decided in accordance with the company's dividend policy, as a result of the increase in profits that resulted in a strong financial performance in 2021.

Last February, TAQA announced the consolidated financial results for the fiscal year ending on December 31, 2021, which showed a doubling of net income to six billion dirhams.

This strong financial performance was based on the company's business in the utilities sector, and was also driven by the improvement in commodity prices.

Jassim Hussein Thabet, Group CEO and Managing Director of Abu Dhabi National Energy Company, said that TAQA's proposal to distribute a total cash dividend of 5.3 billion dirhams for the whole year, confirms its solid financial position and strong performance during the year 2021.

He added: “We are committed to implementing our dividend policy, as well as our strategic objectives, while maintaining a strong capital structure.

I would like to take this opportunity to thank the concerned authorities for their continued trust and support.”

It is noteworthy that the Board of Directors of “TAQA” approved the special dividend on March 1, 2022, and the final dividend on February 10, 2022, pending approval by shareholders at the annual general meeting scheduled to be held on March 15, 2022.

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