Abu Dhabi’s energy giant TAQA Group reports Dh2.9b net profit
TAQA’s Board of Directors declared an interim cash dividend of Dh618 million
Dubai: Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in the region reported a net income (net profit) of Dh2.9 billion for the first half of 2021.
TAQA delivered a strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020.
The Group posted revenues of Dh22.2 billion, 11 per cent higher than same period last year, primarily due to higher commodity prices within the oil & gas segment.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was Dh9.9 billion, up 19 per cent, mainly reflecting higher revenues and income from associates, partially offset by higher expenses.
TAQA Group’s strong financial performance for the first half of the year demonstrates our strength and scale as a fully integrated utilities company with a global footprint and a diverse portfolio of operations. TAQA has made strong progress on our commitment to stakeholders for 2021
Capital expenditure was Dh2 billion, 3 per cent lower than prior year. Strong free cash flows of Dh7.4 billion, allowed for the full repayment of corporate revolving credit facilities.
Upon approving the period’s financial results, c(0.55 fils per share). This will be the second quarterly dividend payment planned for the financial year of 2021, in line with the Company’s dividend policy.
“We have delivered two interim dividend payments, refinanced maturing debt at record-low rates, broken ground on what will be the world’s largest single-site solar project, unveiled a 10-year growth strategy and recently signed two MoUs for the development of green hydrogen,” Thabet added.