The Abu Dhabi National Energy Company PJSC (TAQA), which is one of the largest listed integrated utilities in the region, has reported a 37 percent year-on-year rise in its net income to $544.5 million (AED 2 billion) driven by a greater contribution from its oil and gas segment in the first three months of 2022.
TAQA delivered strong performance underpinned by its stable regulated and contracted utilities businesses and boosted by higher commodity prices.
TAQA’s group chief executive officer and managing director, Jasim Husain Thabet, said: “TAQA’s solid financial results for the first quarter of 2022 demonstrate the value of our agile and robust business model, and more importantly, provide an excellent foundation for our strategic growth plans.
“We started the year by issuing a green bond linked to our first solar PV plant, which was oversubscribed by international investors. The bond is listed on the London Stock Exchange with a secondary listing on the ADX.”
Thabet added: “In the UAE, we announced a partnership with Etisalat Digital to enhance digital capabilities and customer experience for our power and water customers across Abu Dhabi, as well as expressing an interest to acquire EGA’s power generation assets to boost TAQA’s UAE capacity.”
The consolidated financial results for the first quarter of 2022 highlighted a 20 percent increase in group revenues of AED 12.4 billion, compared to the prior-year period. Adjusted EBITDA was AED 5.6 billion, up 20 percent, mainly reflecting higher revenues as well as improved income from associates, partially offset by higher expenses.
Capital expenditure was AED 868 million, 31 percent lower than the prior-year period, mainly driven by lower expenditure in the Transmission and Distribution segment. The firm also revealed free cash flows of AED 3.3 billion, 5 percent lower than the same period last year, maintaining significant liquidity.
Gross debt of AED 63.9 billion, was down from AED 65.0 billion at the end of 2021, further improving the group’s credit metrics.
Upon approval of the financial results, TAQA’s Board of Directors also declared a first interim cash dividend for the year of AED 675 million (0.60 fils per share), in line with the company’s dividend policy.
Thabet concluded: “The current market conditions further advance our positioning to actively pursue organic and inorganic growth opportunities in the UAE and abroad and make the TAQA a competitive investor that is agile and able to swiftly execute.”
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