Abu Dhabi’s TAQA reports net income of Dhs4.3bn for first nine months of 2021

Integrated utilities company, Abu Dhabi National Energy Company (TAQA), reported that its earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 20 per cent, reaching Dhs14.4bn for the first nine months of 2021. The earnings reflected improved income from associates, partially offset by higher expenses.

Meanwhile, net income (TAQA-share) was Dhs4.3bn, posting an increase of Dhs3bn.

TAQA Group Reports Net Income of AED 4.3 Billion for First Nine Months of 2021https://t.co/Qexey9neHf pic.twitter.com/PRHO85CTZf

— TAQA (@TAQAGroup) November 10, 2021

Group revenues, however, equalled Dhs34.3bn, 11 per cent higher than an year-earlier period, primarily due to higher commodity prices within the oil and gas segment, official news agency WAM reported.

TAQA’s board of directors declared an interim cash dividend of Dhs618m (Dhs0.55 per share). This will be the third quarterly dividend payment planned for the financial year of 2021, in line with the company’s dividend policy.

Jasim Husain Thabet, TAQA’s group chief executive officer and managing director, commented: “TAQA has demonstrated strong financial performance this year, highlighting the company’s ability to deliver on our promises. We have continued this journey with our recent announcement of the development of the Tanajib power and water project with Saudi Aramco and Marubeni, showcasing our tangible progress on our strategy to add up to 15GW of international generation capacity by 2030.”

In May, TAQA announced the successful placement of an aggregate $1.5bn in 7-year and 30-year dual-tranche senior unsecured notes.

Read: Abu Dhabi’s TAQA completes $1.5bn dual-tranche bond sale