Abu Dhabi National Energy Company (TAQA) announced that it will recommend to its shareholders to approve a special dividend payment of AED2.2 billion (2.00 fils per share) in addition to the final payment of AED1.2 billion (1.10 fils per share).

This comes on top of the AED1.9 billion (1.65 fils per share) already paid in quarterly dividends. Altogether, it means that the total dividend payments to shareholders will be AED5.3 billion (4.75 fils per share) for the financial year 2021, according to a company statement.

This total exceeds its expected payment outlined in the company's dividend policy, with the increase reflecting the solid financial performance in 2021.

In February, TAQA reported its consolidated financial results for the year ended 31st December 2021, with net income increasing to AED6.0 billion. The strong financial results were underpinned by its utilities business and boosted by the strong recovery in commodity prices.

Jasim Husain Thabet, TAQA's group chief executive officer and managing director, said, "TAQA's proposed dividend payment, totalling AED5.3 billion for the full year, speaks to the financial strength of the company and robust performance for 2021. We continue to meet our dividend policy and our strategic commitments while maintaining a strong balance sheet. I want to thank our stakeholders for their ongoing trust and support."

TAQA's board of directors endorsed the special dividend payment on 1st March and the final dividend payment on 10th February for shareholder approval at the company's Annual General Assembly Meeting, scheduled for 15th March.