Press releases, Reports & Disclosures for Abu Dhabi National Energy Company

The Board of Directors of the Abu Dhabi National Energy Company PJSC (TAQA) held a meeting on February 13, 2024. During the meeting, they approved the audited financial results for the financial year that ended on December 31, 2023. They also approved a proposal for the payment of a final cash dividend of 2.00 fils/share, bringing the total dividend for the financial year to 3.95 fils/share (approximately AED 4.4 billion), subject to shareholders' approval. The Board also decided to invite shareholders to the Annual General Assembly of the Company on March 14, 2024, and to publish the agenda for the assembly. Other general matters relating to the company's activities and projects were also considered and decisions were made accordingly.

The text refers to the consolidated financial statements of the Abu Dhabi National Energy Company PJSC (TAQA) as of 31 December 2023.

The TAQA Group has reported a full year net income of AED 16.7 billion for 2023, marking a 107% YoY increase. This growth was supported by the recognition of the value of TAQA's stake in ADNOC Gas and the planned acquisition of SWS Holding. The company has revised its 2030 targets upwards, with a new gross power capacity target of 150 GW, and plans to invest AED 75 billion into power and water capacity expansion and UAE-based transmission and distribution networks by 2030. TAQA's board has proposed a final cash dividend for 2023 of 2.00 fils/share, bringing the full year dividend to 3.95 fils/share. The group's revenues were AED 51.7 billion, a 3% increase from the previous year.

The Board of Directors of the Abu Dhabi National Energy Company (TAQA) is set to meet on Tuesday, 13 February 2024 at 3 p.m. at the company's headquarters. The meeting's agenda includes discussing and resolving on the audited financial results for the financial year ended 31 December 2023, dividends distribution for the same period, convening the Annual General Assembly of the company, including setting the date and agenda, and other general matters relating to the company's activities and projects. The information was shared by Mohammad Adnan Sharafi, Secretary to the Board of Directors.

The Abu Dhabi National Energy Company (TAQA) has announced that it has entered into definitive agreements with General Exploration Partners Inc. (GEP) for the sale of its interest in the Atrush oil field in the Kurdistan Region of Iraq. The transaction is subject to third-party approval.

A consortium consisting of Abu Dhabi National Energy Company (TAQA), Vision International Investment Company (Vision Invest), and Gulf Investment Corporation (GIC) have won the Juranah Independent Strategic Water Reservoir Project in the Makkah region, Saudi Arabia. This is the first project of its kind in the Kingdom, signaling increased private sector involvement in water infrastructure development. The project, which is estimated to cost AED 1.5bn, will be funded 80% by debt. TAQA will own a 35% share in the project and a 50% stake in the operations and maintenance company. The consortium will build, own, and operate the water reservoir for 30 years before transferring ownership to the Saudi Water Partnership Company. The project aims to respond to emergency municipal water demand and peak demand during the Hajj season.

The Abu Dhabi National Energy Company (TAQA), GS Inima, and Emirates Water and Electricity Company (EWEC) have announced the successful financial closure of the Shuweihat 4 Reverse Osmosis Seawater Desalination Project (S4 RO). The project, worth AED 1.6 billion (USD 444 million), is primarily funded (71%) through debt financing from both local and international banks. The S4 RO project is expected to be operational in Q2 2026 and will supply up to 70 million imperial gallons per day of potable water. The project is 60% owned by TAQA and 40% by GS Inima, who will also be responsible for the plant's operations and maintenance.

The Board of Directors of the Abu Dhabi National Energy Company PJSC (TAQA) held a meeting on November 10, 2023, at the company's headquarters. During the meeting, they approved the unaudited financial results for the period ending on September 30, 2023. The board also approved an interim cash dividend of 0.65 fils per share, totaling approximately AED 731 million, for the third quarter of the financial year 2023. The last day to participate is November 16, 2023, the ex-dividend date is November 17, 2023, the record date is November 20, 2023, and the payment date is December 4, 2023. The board also discussed general matters related to the company's activities and projects. The meeting was confirmed by Mohammad Adnan Sharafi, the Board Secretary.