Abu Dhabi, UAE — Abu Dhabi National Energy Company (TAQA) posted net income of AED 13.5 billion ($3.67 billion) for the first half of 2023 and group revenues of AED 26.8 billion, 5 percent higher than the prior-year period.
The higher revenues were attributed primarily to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment.
The net income increased by AED 9.2 billion mainly due to one-off gain of AED 10.8 billion recognized on the acquisition of a 5 percent shareholding in ADNOC Gas, in part offset by a one-off AED1.2 billion deferred tax liability associated with the introduction of UAE corporate income tax from 1 January 2024.
Net income excluding these one-off items was AED3.9 billion, 9 percent lower than the prior period, mainly due to lower contribution from the Oil and Gas segment.
It declared that adjusted EBITDA for H1 was AED10.5 billion, down 7 percent. This fall was led by a decline in contribution from the Oil & Gas segment on the back of lower realized oil and gas prices and reduced production.
TAQA’s Board of Directors also declared a second interim cash dividend for the year of 0.65 fils per share (approximately AED731 million), in line with the company’s new dividend policy.
Mohamed Hassan Alsuwaidi, Chairman of TAQA, said, “Through its strategic growth during the first half of 2023, TAQA continues to deliver value for its stakeholders. The Company delivered a strong and consistent financial performance, maintained its investment grade credit rating and ensured good returns for its shareholders through its dividend policy. Demonstrating its commitment to continued growth, the Company announced the expansion of its portfolio through its plan to acquire SWS Holding.”
