With an increase of 50%... and an increase in revenues of 15%
4.3 billion dirhams, net income of "TAQA" in the first half
The company recorded free cash flows of 8.3 billion dirhams.
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Jassim Hussein Thabet: "During the first six months of 2022, (TAQA) made great strides towards achieving its strategy."
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Abu Dhabi National Energy Company (TAQA) announced its consolidated financial results for the first half of this year, achieving a strong performance supported by its stable regulated and contracted business in the utilities sector, as well as an improvement in commodity prices, as the company net income reached 4.3 billion dirhams, an increase of 50 %, compared to the same period last year, with a significant increase in the contribution of the oil and gas sector.
The company stated in a statement, yesterday, that it recorded revenues of 25.4 billion dirhams, during the first six months of 2022, an increase of 15%, compared to the same period of the previous year, explaining that this was mainly caused by the rise in commodity prices in the oil and gas sector. .
It added that earnings before interest, taxes, depreciation and amortization amounted to 11.3 billion dirhams, an increase of 15%, which mainly reflects the increase in revenues against a partial increase in expenses.
The value of capital expenditure amounted to 1.8 billion dirhams, a decrease of 10%, compared to the same period in 2021, mainly as a result of a decrease in spending on transmission and distribution business.
The company recorded free cash flows of 8.3 billion dirhams, an increase of 11%, compared to the same period of the previous year.
A high level of cash liquidity was maintained (22.3 billion dirhams in cash and cash equivalents and the company's undrawn credit facilities).
After the approval of TAQA's board of directors on the financial results, the board announced the distribution of interim cash dividends of 675 million dirhams (0.60 fils per share).
This is the second batch of quarterly cash dividends planned for the 2022 fiscal year, in accordance with the company's policy to distribute dividends on a quarterly basis.
Mohammed Hassan Al Suwaidi, Chairman of the Board of Directors of Abu Dhabi National Energy Company (TAQA), said: “(TAQA) continues to make further progress in terms of its growth strategy, to become the leading low-carbon utility company in Abu Dhabi and abroad, as this is reflected in the financial results achieved by the company in the first half of this year.”
He added, "We have also made remarkable progress in the field of clean energy, by concluding agreements to acquire a stake in the Abu Dhabi Future Energy Company (Masdar)."
Al Suwaidi explained that "under these agreements, (TAQA) will cooperate with Mubadala Investment Company (Mubadala) and the Abu Dhabi National Oil Company (ADNOC), to create a global clean energy system, aimed at unifying endeavors related to renewable energy and green hydrogen, within a unified entity, and supporting the strategy of Growth in (energy).
For his part, Jassim Hussain Thabet, Group CEO and Managing Director of TAQA, said: “(TAQA) achieved strong financial results in the first half of 2022, which reflect its continued ability to record strong performance and confirm the efficiency of its business model, as an integrated utilities company. Pioneering in the Emirate of Abu Dhabi and abroad.
He added, "During the first six months of this year, (TAQA) made great strides towards achieving its strategy and achieving the desired growth prospects."
• The Company announced the second batch of cash dividends for 2022 profits, amounting to 675 million dirhams.
• 25.4 billion dirhams of the company's revenues during the first six months of this year.
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