TAQA Group reports net profit of $1.77 billion for first nine months of 2022

Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in the region, has reported a net income of $1.77 billion (AED 6.5 billion), 53% higher than the prior-year period, for the first nine months of 2022.

The oil and gas segment proved to be a significant contributor to bottom line growth for TAQA during the period, enabling the group to deliver a strong performance underpinned by its stable contracted and regulated utilities business and buoyant commodity prices.

The group revenues stood at AED 38.7 billion, 14% higher than the prior-year period, primarily due to higher commodity prices within the oil and gas segment, while adjusted EBITDA was AED 16.5 billion, up 15%, benefiting from strong revenue growth.

“The first nine-months of 2022 saw TAQA Group deliver another set of strong financial results, reflecting strong performance across all our businesses,” Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said in a statement.

“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. Under this strategy, we have committed to a 25% reduction of scope 1 and 2 GHG emissions by 2030 across the Group, including a 33% reduction of UAE portfolio emissions compared to the 2019 baseline,” he added.

Among other financial highlights, capital expenditure for the group was AED 2.5 billion, 28% lower than the prior-year period, largely reflecting lower spend in the transmission and distribution segment.

In terms of operations, transmission network availability for power and water across the group was 98.6%, compared to 98.3% in the prior-year period, while oil and gas average production volumes were 123.1 thousand barrels of oil equivalent per day (boepd), largely in line with 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 third quarterly dividend payment planned for the financial year of 2022, in line with the company’s dividend policy.