Abu Dhabi National Energy Company, better known as Taqa, will pay a dividend of Dh5.74 billion ($1.56 billion) to its shareholders for the 2022 financial year.
The company, which reported a 35 per cent rise in 2022 net profit, said it would pay a special dividend of 2.1 fils a share, bringing the total distribution for the financial year to 5.1 fils a share.
Taqa, which announced a new dividend policy on Thursday, said its fixed dividend will amount to 3.25 fils in 2023, 3.50 fils in 2024, and 3.75 fils in 2025 — all paid quarterly, much in the same way as its previous policy.
It also intends to pay an additional variable dividend that will be determined by a discretionary percentage of its net profit from its oil and gas business, and distributed annually following shareholder approval.
“The new policy announced today is an evolution of the quarterly policy we announced in 2020,” said chief executive Jasim Thabet.
“Shareholders will enjoy a fixed return from our utilities business, which has long-term and predictable contracted earnings, and a discretionary variable dividend based on the annual net profit of our oil and gas business.”
Taqa's net profit from its oil and gas unit more than doubled to Dh4.7 billion in 2022, compared with the previous year, amid high energy prices.
Brent, the benchmark for two thirds of the world’s oil, surged to about $140 a barrel after Russia's invasion of Ukraine last year. It has since given up most of its gains and was last trading at about $74 on Thursday.
Taqa also said it expanded the size of its board from nine to eleven.
“The new board of directors … brings in-depth experience and diversity that will ensure the company continues to build on its success to date and deliver sustained value for its shareholders and stakeholders,” said chairman Mohamed Alsuwaidi.
Taqa is one of the largest integrated utilities in the Europe, Middle East and Africa region, with operations across 11 countries.
It has significant investments in water desalination and power generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations.
In the UAE, it supplies more than 90 per cent of Abu Dhabi’s power and water needs.
The company plans to invest Dh40 billion in infrastructure development as it focuses on its push into renewable energy under its 2030 strategy.
It is teaming up with Adnoc Distribution, the UAE’s largest fuel and convenience retailer, to create a joint venture that will build and operate electric vehicle infrastructure in Abu Dhabi.
Last year, Taqa acquired a 43 per cent controlling stake in Masdar’s renewables business, with Mubadala retaining a 33 per cent interest and Adnoc owning the remaining 24 per cent.
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
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A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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THE SPECS
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Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
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1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
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Specs
Engine: Duel electric motors
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
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ELIO
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
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You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
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Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
