Abu Dhabi National Energy Company reports net income of Dhs4.3bn in H1 2022

The Abu Dhabi National Energy Company (TAQA) has reported consolidated financial results for the period ending June 30. The company reported a net income of Dhs4.3bn, 50 per cent higher than the prior year, with a greater contribution from the oil & gas segment.

As per the company report, TAQA delivered a strong performance underpinned by its stable and regulated utilities, business and buoyant commodity prices. The group revenues were Dhs25.4bn, 15 per cent higher than the prior-year period, primarily due to higher commodity prices within the oil & gas segment.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) was Dhs11.3bn, up 15 per cent, mainly reflecting higher revenues, partially offset by higher expenses. The capital expenditure was Dhs1.8bn, 10 per cent 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 Dhs8.3bn, 11 per cent higher than last year, maintaining significant liquidity.

We are proud to share some highlights from our H1 results. In the first half of 2022, TAQA has already made great strides in its growth strategy and in executing our ambitions for the future. Read more here: https://t.co/OPLcgApDTZ pic.twitter.com/tdIQfgSeis

— TAQA (@TAQAGroup) August 10, 2022

The transmission network availability for power and water was 98.4 per cent, compared to 98.2 per cent, a slight improvement from the prior-year period. Generation global commercial availability was 97.5 per cent, slightly lower compared to 97.7 per cent 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, 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 Dhs675m. 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, “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,” he added.