TIDM69TM
RNS Number : 1502G
Abu Dhabi National Energy Co PJSC
23 November 2020
FOR IMMEDIATE RELEASE:
TAQA Group Reports Net Income of AED 1.3 billion for First Nine
Months of 2020
Board increases Company's foreign ownership limit to 49%
Board proposes a new dividend policy to pay sustainable and
increasing dividends starting with an interim 2020 dividend of 1.50
fils/share
Abu Dhabi, UAE - November 10, 2020 : Abu Dhabi National Energy
Company PJSC ("TAQA", the "Company" or the "Group"), a regionally
leading, fully integrated utilities company and one of the UAE's
largest publicly listed companies by market capitalization, has
reported its first consolidated pro-forma financial results
following its transaction with Abu Dhabi Power Corporation
(ADPower) on July 1, 2020.
TAQA delivered a resilient performance amid softer economic
conditions that included the following highlights from the first
nine months of 2020:
Financial:
-- Group revenues of AED 30.8 billion were 7% lower than the
prior year period, primarily due to lower commodity prices and
production volumes within the Oil & Gas segment.
-- EBITDA was AED 12.0 billion, down 17%, mainly reflecting lower revenues.
-- Net income (TAQA-share) decreased to AED 1.3 billion, which
reflected a significantly lower contribution from the Oil & Gas
segment, including a AED 1.5 billion post-tax impairment charge
taken in Q1 2020.
-- Capital expenditure was AED 2.8 billion, a decrease of 20%
primarily due to lower spend in the Oil & Gas segment.
Operational:
-- Generation global technical availability of 94.9% was consistent with the prior period.
-- Transmission & Distribution regulated asset value was AED 80.8 billion, a 2% decrease.
-- Oil & Gas average production volumes were 118.5 mboepd, a 4% decrease.
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, H.E. 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. Looking ahead, I
am confident that TAQA's expanded scale, financial strength and
capital structure will enable us to deliver on our core mandate and
secure domestic and international growth opportunities that deliver
sustainable returns to shareholders and position the Company for
success - now and for many years to come."
Note to Editors
The financial information referenced in this press release has
been prepared on a pro-forma basis, as if the merger between TAQA
and ADPower took place on January 1, 2019. This enables
like-for-like comparability with prior year periods.
# # #
For investor enquiries, please contact: Shadi Salman, CFA (
ir@taqa.com )
For media enquiries, please contact: LeAnne Graves (
media.hq@taqa.com )
About TAQA
Established in 2005, TAQA is a diversified utilities and energy
group headquartered in Abu Dhabi, the capital of the United Arab
Emirates, and is listed on the Abu Dhabi Securities Exchange (ADX:
TAQA). TAQA has significant investments in power and water
generation, transmission and distribution assets, as well as
upstream and midstream oil and gas operations. The company's assets
are in the United Arab Emirates as well as Canada, Ghana, India,
Iraq, Morocco, Oman, the Netherlands, Saudi Arabia, the United
Kingdom and the United States. For more information, please visit:
www.taqa.com .
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1502G_1-2020-11-23.pdf
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRTEAPFDAEKEFEA
(END) Dow Jones Newswires
November 23, 2020 04:00 ET (09:00 GMT)
Abu Dhabi 20 (LSE:69TM)
Historical Stock Chart
From Nov 2024 to Dec 2024
Abu Dhabi 20 (LSE:69TM)
Historical Stock Chart
From Dec 2023 to Dec 2024
