Taqa recommends 10% dividends after USD272m profits in 2010

16 Mar 2011

(MENAFN) CEO and Managing Director of Abu Dhabi National Energy Company (Taqa), Abdulla Saif Al-Nuaimi, stated that the company, in light of the 460 percent hike in profits last year, recommended a 10 percent dividend, reported Emirates 24/7.

Al-Nuaimi also said that the company’s profits surged to around USD272 million last year from USD49.5 in 2009. He pointed out that the company not only scored high profits, but also focused more on achieving its goal of long term value.

The CEO added that the increase in profits was due to many factors, two of which were the increase in power production and positive commodity pricing.

It is worth noting that Taqa was founded in 2005, and is listed on the Abu Dhabi Securities Exchange.

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