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UAE “TAQA”‘s revenue rises to 34 billion dirhams in 9 months

Abu Dhabi National Energy Company (TAQA)’s revenue has increased in the first nine months of 2021 compared to the same period last year.

The company had a revenue of 34.3 billion dirhams, an increase of 11%, mainly due to higher commodity prices in the oil and gas sector, according to the company’s financial results released today.

Revenues before interest, taxes, depreciation and debt repayments were AED 14.4 billion, an increase of 20%, which mainly reflects higher revenues and improved returns of joint ventures holding “less than 50% of TAQA”, partly offset by increased costs.

TAQA’s net income was AED 4.3 billion, an increase of AED 3 billion, with a significant increase in the contribution of the oil and gas sector, and the value of capital expenditure was AED 3.4 billion, an increase of 25%. As a result of spending in the exchange and distribution business during the same period last year, the “energy” business sector is huge.

The company recorded a strong free cash flow of 11.4 billion dirhams, which supported the improvement in cash flow after the company fully repaid its credit facilities in the first half of the year.

TAQA achieved operational achievements in the first nine months of this year, reaching 98.3% of the availability of electricity and water transmission networks, a fraction lower than the same period last year.

Average oil and gas production rose to 121.5 thousand barrels per day, equivalent to a 2.5% increase in production in Europe, particularly in the “TAQA” business in the United Kingdom.

After the TAQA Board of Directors approved the financial results for the period, the Board of Directors announced an interim cash dividend of 618 million dirhams (0.55 fils per share).

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This is the third tranche of cash dividends planned for fiscal 2021, according to the company’s policy of distributing dividends on a quarterly basis.

Jasim Hussain Thabet, CEO and Managing Director of TAQA Group, said: “TAQA has delivered a strong financial performance this year, demonstrating the company’s ability to fully fulfill its obligations. The water desalination company, in collaboration with the Saudi Arabian oil companies Aramco and Marubeni, demonstrates the concrete progress we are making in implementing our strategy aimed at increasing our international electricity generation capacity by 2030 GW.

He added, “As we continue to move forward and look to the future, our focus is on achieving growth, development and capacity building, which contributes to building value and ensuring the supply of electricity and water to the communities we serve.”