The net income of Abu Dhabi National Energy Company PJSC (TAQA) rose by 37 percent to AED2.0 billion in the first three months of this year.
The company delivered strong performance underpinned by its contracted utilities businesses and boosted by higher commodity prices, according to a statement issued by the company today.
The Group revenues increased to AED 12.4 billion, 20 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment.
Adjusted EBITDA was AED 5.6 billion, up 20 percent, mainly reflecting higher revenues as well as improved income from associates, partially offset by higher expenses.
Net income (TAQA-share) was AED 2.0 billion, 37 percent higher than the prior-year period, with greater contribution from the Oil & Gas segment.
Capital expenditure was AED 868 million, 31 percent lower than the prior-year period, mainly driven by lower expenditure in the Transmission & Distribution segment.
Free cash flows of AED 3.3 billion, 5 percent lower than the same period last year, maintaining significant liquidity (AED 19.3 billion in cash and cash equivalents and undrawn corporate credit facilities). Gross debt of AED 63.9 billion, down from AED 65.0 billion at the end of 2021, further improving the Group’s credit metrics.”
The company also declared a first interim cash dividend for the year of AED 675 million (0.60 fils per share).
: “TAQA’s solid financial results for the first quarter of 2022 demonstrate the value of our agile and robust business model, and more importantly, provide an excellent foundation for our strategic growth plans,” Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said.”We started the year by issuing a green bond linked to our first solar PV plant, which was oversubscribed by international investors. The bond is listed on the London Stock Exchange with a secondary listing on the ADX”.