TAQA reports lower net profits in 2020; dividends recommended

The group's revenues decreased by 6% to AED 41.2 billion last year from AED 43.898 billion in 2019, driven by lower commodity prices and production volumes in the oil and gas segment, according to a press release on Monday.

The group's earnings before interest, tax, depreciation, and amortisation (EBITDA) registered AED 16 billion in 2020, down 13% compared to 2019.

During the fourth quarter (Q4) of 2020, the group's net profits increased to AED 1.524 billion, compared to AED 695 million in the same period of 2019.

Meanwhile, the group's board recommended a final cash dividend of AED 1.1 billion or 1 fils per share, raising the total cash dividend for 2020 to AED 2.8 billion or 2.50 fils per share.

TAQA’s Chairman, Mohamed Hassan Al Suwaidi, commented: "2020 was a year of significant market disruption caused by the COVID-19 pandemic. Yet despite this challenging context, 2020 was a year of great progress, change, and achievement for TAQA."

TAQA’s Group CEO and Managing Director, Jasim Husain Thabet, said: "These financial results demonstrate the strong platform for growth that we have created through our landmark transaction with ADPower."

It is noteworthy to mention that during the third quarter (Q3) of 2020, the group's net profits lowered to AED 700 million from AED 1.5 billion in the same quarter of 2019.