TAQA Group reports net income of AED4.
3 billion for first nine months of 2021
ABU DHABI, 10th November, 2021 – Abu Dhabi National Energy Company (TAQA) reported consolidated pro-forma financial results for the period ended 30th September, 2021, announcing group revenues of AED34.
3 billion, 11% higher than the prior-year period, primarily due to higher commodity prices within the Oil and Gas segment.
TAQA also announced that Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) reached AED14.
4 billion, up 20%, mainly reflecting higher revenues and improved income from associates, partially offset by higher expenses.
Also, net income (TAQA-share) was AED4.
3 billion, an increase of AED3 billion, with a significantly higher contribution from the Oil and Gas segment.
Upon approval of the financial results, TAQA’s Board of Directors declared an interim cash dividend of AED618 million (0.
55 fils per share).
This will be the third quarterly dividend payment planned for the financial year of 2021, in line with the Company’s dividend policy.
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented, “TAQA has demonstrated strong financial performance this year, highlighting the company’s ability to deliver on our promises.
We have continued this journey with our recent announcement of the development of the Tanajib power and water project with Saudi Aramco and Marubeni, showcasing our tangible progress on our strategy to add up to 15 GW of international generation capacity by 2030.
“As we look ahead, we will maintain our focus on growth, optimisation and capability building to deliver value and provide a reliable supply of energy and water to those we serve.