Tuesday, 26 September 2023 02:28 GMT

TAQA Group's Net Income Up 50% To AED4.3 Billion For H1 2022

(MENAFN- Emirates News Agency (WAM))

ABU DHABI, 10th August, 2022 (WAM) -- Abu Dhabi National Energy Company (TAQA) has reported consolidated financial results for the period ended 30th June, 2022. The company reported a net income (TAQA-share) of AED4.3 billion, 50% higher than the prior year, with a greater contribution from the Oil & Gas segment.

TAQA delivered a strong performance underpinned by its stable contracted and regulated utilities business and buoyant commodity prices, a company statement said on Wednesday.

The group revenues were AED25.4 billion, 15% higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment. Adjusted EBITDA was AED11.3 billion, up 15%, mainly reflecting higher revenues, partially offset by higher expenses.

The capital expenditure was AED1.8 billion, 10% lower than the prior-year period, mainly driven by lower expenditure in the Transmission & Distribution segment.

The group reported a free cash flow of AED8.3 billion, 11% higher than last year, maintaining significant liquidity (AED22.3 billion in cash and cash equivalents and undrawn corporate credit facilities).

The transmission network availability for power and water was 98.4%, compared to 98.2%, a slight improvement from the prior-year period. Generation global commercial availability was 97.5%, slightly lower compared to 97.7% from the prior-year period, mainly due to unplanned maintenance within the UAE fleet.

The group's Oil & Gas average production volumes were 124.1 thousand barrels of oil equivalent per day (boepd), unchanged from last year's period.

Upon approving the period's financial results, TAQA's Board of Directors also declared an interim cash dividend of AED675 million (0.60 fils per share). This will be the second quarterly dividend payment planned for the financial year of 2022, in line with the company's dividend policy.

Mohamed Hassan Alsuwaidi, Chairman of TAQA Group, commented, 'TAQA Group has continued to deliver on its growth ambitions to be the low carbon power and water champion of Abu Dhabi and beyond, and this is reflected in its results for the first half of the year. Notably, we have made progress on our clean energy journey, having entered into binding agreements to acquire a stake in Masdar.

'The transaction between Mubadala, ADNOC and TAQA will create a global clean energy powerhouse that consolidates renewable energy and green hydrogen efforts under a unified brand and further accelerate TAQA's growth trajectory. The partnership also sets out to transform the energy landscape both in Abu Dhabi and on a global scale, supporting the country's own 'Net-Zero by 2050 Strategic Initiative' and cementing its role as a leader driving global energy transition efforts.'

Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director, said that highlights for the first half include the issue of the first green bond linked to Noor Abu Dhabi for international investors and launched the second sustainability report with interim emissions targets for 2030 to be articulated later this year.

'In addition, we announced that we expect to acquire a stake in EGA's power assets, increasing our UAE-based capacity to more than 22 gigawatts, in line with TAQA's growth strategy to increase domestic capacity to 30 gigawatts by 2030. We also listed nine TAQA-issued bonds on the Abu Dhabi Securities Exchange, an important milestone for local and regional investors and strengthening the Emirate's debt capital market.'


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