Abu Dhabi utility giant TAQA powers to Dh45.7b revenues for ‘21

Higher oil and gas prices helped drive 2021 numbers as TAQA eyes more growth outside UAE

Last updated: February 11, 2022 | 09:45

2 MIN READ

TAQA's capital expenditure for 2021 was an impressive Dh4.7 billion. It was also bolstered by deals outside of the UAE, including one with Saudi Aramco.

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Dubai: The Abu Dhabi National Energy Company (or more commonly referred to as TAQA) generated an 11 per cent rise in 2021 revenues to Dh45.7 billion from a year ago. The net income surged by a whopping Dh3.2 billion to Dh6 billion. TAQA had taken a Dh1.5 billion one-time charge the previous year.

Adjusted EBITDA (earnings before income, tax, depreciation and amortisation) stood at Dh19.7 billion, up 23 per cent, mainly reflecting higher revenues and improved income from associates, and partially offset by higher expenses.

The TAQA Board of Directors has proposed a final cash dividend of Dh1.2 billion (1.1 fils per share). This will be the fourth and final quarterly dividend payment planned for 2021, and brings the total dividends for the year to Dh3.1 billion. The company's cashflow stood at Dh17.8 billion, further “improving liquidity following the full repayment of corporate credit facilities in the first-half of the year”. Gross debt as of end 2021 is Dh64.9 billion, down from Dh76 billion a year ago.

"TAQA continues to evolve and grow at a rapid pace as a fully diversified and integrated utilities company, while maintaining standalone investment grade credit ratings and delivering attractive and stable returns to its shareholders,” said Mohamed Hassan Alsuwaidi, TAQA’s Chairman.

The capital expenditure was Dh4.7 billion, 26 per cent higher than prior year, driven by expenditure in transmission and distribution, the group’s largest segment.

According to Jasim Husain Thabet, Group CEO and Managing Director. "We progressed in new areas such as green hydrogen and we achieved key milestones including the first water being produced from the Taweelah Reverse Osmosis plant – that once fully operational will be the largest of its kind in the world. "Internationally we also moved forward on our growth plans with signing the Tanajib cogeneration and desalination project in Saudi Arabia with Saudi Aramco."

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