Stock - TAQA
TAQA's solid set of financials in the first nine months shows sharp gains from its oil and gas interests. Image Credit: Supplied

Dubai: The Abu Dhabi utility giant TAQA recorded Dh34.3 billion in revenues for the first nine months, a healthy 11 per cent increase on the same period in 2020. But it is on the profit side that the company has seen some startling gains - with net income at Dh4.3 billion.

This works out to a substantial Dh3 billion increase from last year and came about from higher contribution in its oil and gas interests. Another reason was that last year’s results saw a reduction by Dh1.5 billion as post-tax impairment charge.

TAQA’s Board of Directors has declared an interim dividend of Dh618 million (at 0.55 fils per share). This will be the third quarterly dividend payment planned for the financial year 2021.

Jasim Husain Thabet, Group CEO and Managing Director, said: “We have continued this journey with our recent announcement of the development of the Tanajib power and water project with Saudi Aramco and Marubeni, showcasing our tangible progress on our strategy to add up to 15 GW of international generation capacity by 2030.”

Capital expenditure was Dh3.4 billion, up 25 per cent on 2020, and “driven by expenditure in transmission and distribution, our largest segment”.

Debt cut
TAQA has dropped its debt levels to Dh68.3 billion from Dh76 billion at the end of last year. It now has free cashflows of Dh11.4 billion, "further improving liquidity following the full repayment of corporate credit facilities in the first-half of the year".