The company is to amend its dividend policy for 2023-2025 to add variable payout based on oil and gas earnings and a fixed dividend for utilities

Abu Dhabi-listed energy and utilities company TAQA has approved a new dividend policy for the next three years under which shareholders will receive a fixed dividend based on utilities and an annual variable payout based on oil and gas earnings.

The company told Abu Dhabi Securities Exchange (ADX) today that it will change its dividend policy for 2023-2025, based on a combination of fixed and variable dividends.

It now expects to pay a fixed dividend per share, derived from its utilities earnings, of 3.25fils in 2023, 3.50 fils in 2024 and 3.75 fils in 2025. It will pay fixed dividends on a quarterly basis and an additional annual variable dividend from a discretionary percentage of the company’s net profit from its oil and gas business.

The company’s 2022 dividend, announced last month, was AED 5.7 billion ($1.5 billion).

TAQA also announced that it was expanding its board from nine members to 11, adding that three of the newly elected board members are women. The company has an ESG target of achieving 30% women managers by 2030.

zawya