TAQA Posts Net Income of AED 6.5 Billion for First Nine Months of 2022

TAQA Posts Net Income of AED 6.5 Billion for First Nine Months of 2022

/ Financial News / Monday, 14 November 2022 08:58

Abu Dhabi National Energy Company “TAQA,” one of the largest listed integrated utilities in the region, reported consolidated financial results for the nine-month period ending September 30, 2022.

The Group posted revenues of AED 38.7 billion, 14% higher than the prior-year period, on the back of higher commodity prices within the oil & gas segment.

Adjusted EBITDA was AED 16.5 billion, up 15%, benefiting from strong revenue growth.

Net income (TAQA-share) was AED 6.5 billion, 53% higher than the prior-year period, with the oil & gas segment proving to be a significant contributor to bottom-line growth.

Capital expenditure was AED 2.5 billion, 28% lower than the prior-year period, largely reflecting lower spending in the transmission & distribution segment.

Free cash flow was AED 12.8 billion, 13% higher than the same period last year, supported by a combination of higher cash generation and lower capex.

Cash, cash equivalents and undrawn corporate credit facilities amounted to AED 24.7 billion at the end of the period. Also read: TAQA Reports 50% Hike in Net Profit for H1 2022

Operational highlights:

Transmission network availability for power and water was 98.6%, compared to 98.3% in the prior-year period.

Generation global commercial availability was 97.8%, slightly higher than the 97.3% figure in the same period last year.

Oil & gas average production volumes were 123.1 thousand barrels of oil equivalent per day (boepd), largely in line with the same period last year.

TAQA’s Board of Directors also declared an interim cash dividend of AED 675 million (0.60 fils per share). This will be the third quarterly dividend payment planned for the financial year 2022, in line with the company’s dividend policy.

Jasim Husain Thabet, TAQA’s group chief executive officer and managing director, said, “The first nine months of 2022 saw TAQA Group deliver another set of strong financial results, reflecting strong performance across all our businesses. I am also pleased to note that we have continued to demonstrate our commitment to our growth strategy and ESG.  Last year, when TAQA launched its growth strategy for 2030, we committed to becoming a company anchored in ESG principles, and we have delivered on this promise by announcing our 2030 ESG strategy, including interim greenhouse gas emissions (GHG) reductions targets.”

Since launching its ESG strategy 2030 just last month, TAQA Group has already received a two-grade uplift (from “B” to “BBB”) in its ESG Risk Rating by the global organization, MSCI.

Also read: ‘TAQA Enabling Public and Private Entities Realize Their Energy Savings Ambitions’

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