TAQA group net income up 33.3% at Dh8 billion in 2022

Abu Dhabi National Energy Company PJSC (TAQA) reported Dh50 billion in group revenue in 2022, up 10.3 per cent compared to the year-ago period, mainly on higher commodity prices in the oil and gas segment, the company said on Tuesday.

Net income for the period stood at Dh8 billion, compared to the Dh6 billion in the previous year, while EBITDA touched Dh20.8 billion, up 6.7 per cent.

TAQA’s Board of Directors has proposed a final cash dividend of 3.3 fils/share (Dh3,713 million). This will be the fourth and final dividend payment planned for the financial year of 2022, bringing total dividends for the year to 5.1 fils/share (Dh5,738 million).

Mohamed Hassan Alsuwaidi, TAQA’s Chairman, said: “TAQA’s record results in 2022 are a continuation of a positive trajectory that is anchored in compelling market opportunities, investment grade credit ratings and higher ESG ratings from global agencies. We continued to make steadfast contributions to the UAE’s decarbonisation goals, accelerating the energy transition and driving sustainable growth.

“As part of these efforts, the company acquired a controlling stake in national clean energy champion Masdar, which is set to allow TAQA to reach its 2030 objective of having more than 30 per cent of its generation portfolio come from renewables ahead of target. With an exceptional track record, a market-leading position and a bright outlook, TAQA is ideally positioned to deliver on its strategic goals for 2030 and beyond.”

Following the completion of the transaction last year, TAQA now owns a 43 per cent share in Masdar’s renewables business and a 24 per cent share in its green hydrogen business. Masdar will drive the group’s investments in clean energy.

TAQA also made significant investments of Dh4.5 billion in 2022 relating to the acquisition of Masdar and the project to power and decarbonise ADNOC’s offshore production operations.

Jasim Husain Thabet, TAQA’s Group CEO and Managing Director, said: “In 2022, TAQA maintained its strategic focus, executing on its growth and ESG ambitions, demonstrating tangible progress on the targets we have set and showing our stakeholders that we deliver on our promises. Highlights include progressing with our growth strategy with the acquisition of Masdar, which is set to become one of the world’s largest clean energy companies.

“We took steps to enter a new market in Uzbekistan, we reached financial close for a key decarbonisation project for ADNOC’s offshore production facilities, and we announced our intention to acquire EGA’s power assets and connect the company to the Abu Dhabi grid. Both the ADNOC and EGA projects are examples of our role in supporting decarbonisation of hard to abate industries, underscoring why we joined the IRENA Decarbonization Alliance during the year and reaffirming our commitment to our ESG Strategy.

Gross debt was Dh61.7 billion, down from Dh65.0 billion at the end of 2021, the company said in a statement.