(MENAFN- Emirates News Agency (WAM)) ABU DHABI, 11th August, 2021 (WAM) -- Abu Dhabi National Energy Company (TAQA) reported a net income of AED2.9 billion for the period ended 30th June, 2021, an increase of AED2.4 billion, with a significantly higher contribution from the Oil and Gas segment and the fact that Q1 2020 was reduced by an AED1.5 billion post-tax impairment charge.
TAQA, a diversified utilities and energy group headquartered in Abu Dhabi, delivered a strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020, the Group said in a press statement on Wednesday.
The Group revenues reached AED22.2 billion, 11 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil and Gas segment. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) was AED9.9 billion, up 19 percent, mainly reflecting higher revenues and income from associates, partially offset by higher expenses.
Capital expenditure was AED2.0 billion, three percent lower than previous year. However, strong free cash flows totalled AED7.4 billion, allowing for the full repayment of corporate revolving credit facilities.
Transmission network availability for power and water was 98.2 percent marginally lower versus the prior-year period. Generation global technical availability amounted to 92.6 percent was marginally lower compared to the prior period, mainly due to planned outages within the international generation assets.
Oil and Gas average production volumes increased to 124.2 mboepd (thousand barrels of oil equivalents per day), driven by higher production in Europe, in particular the United Kingdom.
Upon approving the period's financial results, TAQA's Board of Directors also declared an interim cash dividend of AED618 million (0.55 fils per share). This will be the second quarterly dividend payment planned for the financial year of 2021, in line with the Company's dividend policy.
Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director, commented, "TAQA Group's strong financial performance for the first half of the year demonstrates our strength and scale as a fully integrated utilities company with a global footprint and a diverse portfolio of operations. TAQA has made strong progress on our commitment to stakeholders for 2021.
"We have delivered two interim dividend payments, refinanced maturing debt at record-low rates, broken ground on what will be the world's largest single-site solar project, unveiled a 10-year growth strategy and recently signed two MoUs for the development of green hydrogen."
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