- 10 Aug 2022
TAQA Group’s Net Income up 50% to AED 4.3 billion for H1 2022
Abu Dhabi, UAE – August 10, 2022: Abu Dhabi National Energy Company PJSC (“TAQA”, the “Company” or the “Group”), one of the largest listed integrated utilities in the region, reported consolidated financial results for the period ended June 30, 2022.
TAQA delivered a strong performance underpinned by its stable contracted and regulated utilities business and buoyant commodity prices. Highlights for the period include:
- Group revenues of AED 25.4 billion, 15% higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment.
- Adjusted EBITDA was AED 11.3 billion, up 15%, mainly reflecting higher revenues, partially offset by higher expenses.
- Net income (TAQA-share) was AED 4.3 billion, 50% higher than the prior-year period, with greater contribution from the Oil & Gas segment.
- Capital expenditure was AED 1.8 billion, 10% lower than the prior-year period, mainly driven by lower expenditure in the Transmission & Distribution segment.
- Free cash flow was AED 8.3 billion, 11% higher than the same period last year, maintaining significant liquidity (AED 22.3 billion in cash and cash equivalents and undrawn corporate credit facilities).
- Transmission network availability for power and water was 98.4%, compared to 98.2% a slight improvement on the prior-year period.
- Generation global commercial availability was 97.5%, slightly lower compared to 97.7% from the prior-year period, mainly due to unplanned maintenance within the UAE fleet.
- Oil & Gas average production volumes were 124.1 thousand barrels of oil equivalent per day (boepd), unchanged on the same period last year.
Upon approving the period’s financial results, TAQA’s Board of Directors also declared an interim cash dividend of AED 675 million (0.60 fils per share). This will be the second quarterly dividend payment planned for the financial year of 2022, in line with the Company’s dividend policy.
H.E. Mohamed Hassan Alsuwaidi, Chairman of TAQA Group, commented: “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 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 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.”
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented: “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.
“Highlights for the first half include the issue of 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. In addition, 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.”
The full set of financial disclosures can be found within the Investor Relations section on TAQA’s website.