Taqa reports AED30.8b revenues in nine months

Taqa reports AED30.8b revenues in nine months

Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) reported its first consolidated pro-forma financial results following its transaction with Abu Dhabi Power Corporation (ADPower) on July 1, announcing group revenues of AED30.8 billion during the first nine months of 2020. 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