Abu Dhabi, UAE – TAQA Group, the Abu Dhabi National Energy Company, has reported a net income of AED11.6 billion ($3.16 billion) for the first quarter of 2023, ending on March 31, up from AED9.6 billion ($2.6 billion) from the previous year, mainly due to a one-off gain from the acquisition of a 5 percent shareholding in ADNOC Gas.Â
The company also reported a 6 percent increase in group revenues to AED13.1 billion ($3.56 billion), primarily due to higher pass-through bulk supply tariffs and transmission use in the Transmission and Distribution segment. Adjusted EBITDA was reported at AED5.3 billion.($1.44 billion).
TAQA also announced a capital expenditure of AED1.1 billion ($300 million), 26 percent higher than the previous year, and a free cash flow generation of AED4.3 billion ($1.17 billion), 31 percent higher than the previous year.
Gross debt stood at AED 59.8 billion ($16.3 billion), down from AED61.7 billion ($16.8 billion) at the end of 2022.
Jasim Husain Thabet, TAQA’s Group CEO and Managing Director, stated that the company has made strong progress in delivering on its growth strategy alongside a steady financial performance.
He also announced a new dividend policy for 2023-2025 that combines fixed and variable dividends to offer attractive returns to shareholders in line with the evolving business model.
The group approved a first interim cash dividend of 0.65 fils per share, approximately AED731 million ($204 million).
In addition, TAQA recently completed a successful dual tranche 5-year and 10-year bond offering, with demand from international investors. The $0.5 billion 5-year and $1.0 billion 10-year senior unsecured notes were ten times oversubscribed and included TAQA’s first-ever company-issued green bond. Proceeds from the issuance will go towards eligible green projects.