Abu Dhabi National Energy Company (TAQA) has posted a 50 percent jump in its net profits (net revenue) in the first half of this year to AED 4.3 billion, compared to the same year-ago period.
The Group’s revenues were at AED 25.4 billion, 15 percent higher than the corresponding period of 2021, fuelled by higher commodity prices within the oil and 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’s capital expenditure was to the tune of AED1.8 billion, 10 percent lower than the prior-year period, mainly driven by lower expenditure in the transmission and distribution segment.
The Group reported a free cash flow of AED 8.3 billion, 11 percent higher than last year.
Its oil and gas average production volumes were 124.1 thousand barrels of oil equivalent per day (boepd), same as last year’s period.
The company also declared an interim cash dividend of AED 675 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, said the Group has continued to deliver on its growth ambitions to be the low carbon power and water champion of Abu Dhabi and beyond.
“We have made progress on our clean energy journey, having entered into binding agreements to acquire a stake in Masdar,” he said.
“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,” Alsuwaidi said.
Jasim Husain Thabet, TAQA’s Group chief executive officer and managing director, said the first half financial performance of the company included the issue of the first green bond linked to Noor Abu Dhabi for international investors.
“We also 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,” he said.
“We also listed nine TAQA-issued bonds on the Abu Dhabi securities exchange,” he said.
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