Energy Central Professional

 

Taqa posts 50% growth in first-half net income to Dh4.3 billion


Staff Report  

 

    Revenue increased by 15 per cent to Dh25.4 billion primarily due to higher commodity prices within the oil and gas segment

    -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 accelerates Taqa's growth trajectory. -- File photo

    Net income of Abu Dhabi National Energy Company (Taqa) grew by 50 per cent to Dh4.3 billion in the first-half of the year.

    Announcing the financial results, Taqa, one of the largest listed integrated utilities in the region, attributed the growth to a greater contribution from the oil and gas segment.

    Revenue increased by 15 per cent to Dh25.4 billion primarily due to higher commodity prices within the oil and gas segment. Adjusted Ebitda was Dh11.3 billion, up 15 per cent, mainly reflecting higher revenues, partially offset by higher expenses.

    Mohamed Hassan Alsuwaidi, chairman, Taqa Group, said the result shows that the company 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 for the acquisition of 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 accelerates Taqa's growth trajectory," he said.

    "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."

    The capital expenditure was Dh1.8 billion, 10 per cent lower than the same period of last year, mainly driven by lower expenditure in the transmission and distribution segment. Free cash flow was Dh8.3 billion, 11 per cent higher than the same period last year, maintaining significant liquidity.

    Jasim Husain Thabet, Taqa's Group CEO and managing director, said Taqa Group has closed the first half of 2022 with strong financial results that showcase our continued strong performance and our robust business model as a fully integrated utility champion for Abu Dhabi and beyond.

    "In the first six months of this year, Taqa has already made great strides in its growth strategy and in executing our ambitions for the future," he said.

    The board of directors also declared an interim cash dividend of Dh675 million (0.60 fils per share). This will be the second quarterly dividend payment planned for the financial year of 2022.

    Talking about the key highlights for the first half, Thabet noted: "We issued our first green bond linked to Noor Abu Dhabi for international investors and launched our second sustainability report with interim emissions targets for 2030 to be articulated later this year."

    "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."

    -- ashwani@khaleejtimes.com

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