Dubai: One of the region’s biggest utility companies, TAQA of Abu Dhabi, has lighted up its first quarter numbers with revenues of Dh12.4 billion, which is 20 per cent from a year ago. The primary driver was the higher commodity prices within its oil and gas division.
Net income came to Dh2 billion, which is 37 per cent over last year, again with higher contribution from oil and gas operations. Gross debt was whittled down to Dh63.9 billion from Dh65.0 billion at the end of last year, which will further improve the Group’s credit metrics.
TAQA made gains internally too, with capital expenditure during the period at Dh868 million, which is a sharp 31 per cent drop year-on-year. Lower operating expenses at its transmission and distribution division helped. Free cashflows of Dh3.3 billion, 5 per cent lower than last year, ‘maintaining significant liquidity (Dh19.3 billion in cash and cash equivalents and undrawn corporate credit facilities).
The Board of Directors have come up with a first interim cash dividend for 2022 of Dh675 million (0.60 fils per share).
EGA's power-gen assets
"We started the year by issuing a green bond linked to our first solar PV plant, which was oversubscribed by international investors," said Jasim Husain Thabet, TAQA’s Group CEO and Managing Director. "The bond is listed on the London Stock Exchange with a secondary listing on the ADX.
"In the UAE, we announced a partnership with Etisalat Digital to enhance digital capabilities and customer experience for our power and water customers across Abu Dhabi, as well as expressing an interest to acquire EGA’s (Emirates Global Aluminium) power generation assets to boost TAQA’s UAE capacity."
TAQA’s solid financial results for the first quarter of 2022 demonstrate the value of our agile and robust business model, and, more importantly, provide an excellent foundation for our strategic growth plans