TAQA
TAQA is lining up another UAE capacity increase through a deal to acquire EGA's power assets. Image Credit: Supplied

Dubai: The Abu Dhabi utility powerhouse TAQA generated revenues of Dh25.42 billion for the first six months of 2022, an appreciable gain on the Dh22.19 billion a year ago. This generated in turn a profit of Dh4.2 billion, over the Dh2.92 billion last year.

In line with its quarterly dividend policy, TAQA will issue Dh675 million as second interim one for the year (at 0.6 fils a share). It’s been a busy deal-making time for the company, which joined ADNOC in becoming a shareholder in Masdar City alongside Mubadala.

“Highlights for the first-half include the issue of our first green bond linked to Noor Abu Dhabi for international investors and launched our second sustainability report with interim emissions targets for 2030 to be articulated later this year,” said Jasim Husain Thabet, TAQA’s Group CEO and Managing Director. “We announced that we expect to acquire a stake in EGA’s (Emirates Global Aluminium) power assets, increasing our UAE-based capacity to more than 22GW, in line with TAQA’s growth strategy to increase domestic capacity to 30GW by 2030.”

Unsurprisingly, TAQA could call in a greater contribution from its oil and gas related operations, against a backdrop of higher energy prices. There were other telling factors too. 

* On the capex side, the H1-2022 total is 10 per cent lower at Dh1.8 billion than in the last year, ‘mainly driven by lower expenditure in the transmission and distribution segment’.

* The free cashflow is Dh8.3 billion, which is 11 per cent higher than the same period last year, thus helping to maintain 'significant liquidity (Dh22.3 billion in cash and cash equivalents and undrawn corporate credit facilities)'.

Dh13.23bn


TAQA's revenues from transmission and distribution of power and water in H1-22. Oil and gas related operations provided another Dh5.68 billion

Renewable focus

TAQA is building up sufficient steam on the renewable energy side. "We have made progress on our clean energy journey having entered into binding agreements for the acquisition of a stake in Masdar," said Mohamed Hassan Alsuwaidi, Chairman of TAQA Group. "The transaction between Mubadala, ADNOC and TAQA will create a global clean energy powerhouse that consolidates renewable energy and green hydrogen efforts under a unified brand and further accelerate TAQA’s growth trajectory."