During the third quarter, TAQA also went in for some refinancing and which helped with reducing costs. Image Credit: Supplied

Dubai: The Abu Dhabi power and water company TAQA pulled out Dh6.5 billion in net income for the first nine months of 2022, as revenues hit Dh38.7 billion, up 14 per cent from higher commodity prices for its oil and gas operations.

Net income growth of 53 per cent too was fuelled by what’s happeneing in the oil and gas space, and proved to be a ‘significant contributor to bottom-line growth’.

TAQA, one of the few listed UAE companies to pay quarterly dividends, will issue Dh675 million (0.60 fils a share) for the third quarter. The latest results reflect ‘strong performance across all our businesses,” said Jasim Husain Thabet, TAQA’s Group CEO and Managing Director.

Capital expenditure was Dh2.5 billion, 28 per cent lower than last year, and largely due to lower spend in the transmission and distribution segment.

2022 is shaping up to be one of TAQA’s most productive years to date and I am confident that we will continue on this trajectory for the remainder of the year

- Jasim Husain Thabet of TAQA

In the third quarter, TAQA closed a $3.8 billion ‘first-of its-kind’ project to power and significantly decarbonize ADNOC’s offshore production operations. With Mubadala, it featured in the privatization of two gas-fired power generation plants at the Talimarjan complex in Uzbekistan. (TAQA’s goal is to deliver 15GW of new international capacity by 2030.)

There was a refinancing of a $ 3.5 billion revolving credit facility, which allowed the Abu Dhabi company to extend the final maturity date from 2024 to 2027. Another refinancing was on the $1.09 billion related to the MIRFA International Power & Water Plant.

Dispose off Dutch oil and gas upstream operations
After a thorough review, TAQA confirmed plans to retain the bulk of its oil and gas assets. It has, however, entered a binding agreements with Waldorf Energy Netherlands BV to sell the upstream oil and gas business in the Netherlands.