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The Group announced the first batch of cash dividends amounting to AED 675 million for the first three months of the year, in implementation of the company’s policy of distributing profits on a quarterly basis.
Abu Dhabi National Energy (TAQA) delivered a strong performance in the first quarter of the year, buoyed by its stable, regulated and contracted business in the utilities sector and driven by an improvement in commodity prices.
EBITDA was AED 5.6 billion, an increase of 20%, primarily reflecting higher revenue and improvement in income from associates, partially offset by higher expenses.
Net income (TAQA’s stake) reached AED 2 billion, an increase of 37% over the same period last year with a significant additional contribution from the oil and gas sector.
Capital expenditure amounted to AED 868 million, a decrease of 31% compared to the same period last year, mainly due to a decrease in expenditure on transmission and distribution business.
The company recorded free cash flows of AED 3.3 billion, a decrease of 5% compared to the same period last year, in light of maintaining a high level of cash flow (AED 19.3 billion in cash and cash equivalents and the company’s undrawn credit facilities).
Total debt stood at AED 63.9 billion, down from AED 65.0 billion at the end of 2021, which contributed to the further improvement of the group’s credit metrics.
The availability rate in electricity and water transmission networks reached 98.0%, which is a constant rate compared to the same period last year, and the technical availability rate in electricity generation works in “TAQA” projects around the world reached 84.0%, declining compared to the same period last year, which amounted to 88.7 %. This is mainly due to planned and unplanned maintenance work at the stations within the UAE.
Average oil and gas production rose to 126.9 thousand barrels of oil equivalent per day, an increase of 5% as a result of increased production in the “TAQA” business in Europe.
After TAQA’s board of directors approved these financial results, the board announced the distribution of an initial interim cash dividend of AED 675 million (0.60 fils per share), in accordance with the company’s dividend policy.
Jassim Hussain Thabet, Group CEO and Managing Director of Abu Dhabi National Energy Company (TAQA), said: “TAQA’s strong financial results in the first quarter of 2022 demonstrate the effectiveness and efficiency of our robust and resilient business model, and most importantly they serve as a starting point. Solid and steady to successfully implement our strategic plans for growth.
He added that the company took the initiative at the beginning of the year to issue the first green debt bond connected to our first solar photovoltaic power plant, which witnessed an increased demand from international investors.
This bond is listed on the London Stock Exchange with a secondary listing on the Abu Dhabi Securities Exchange. At the level of the United Arab Emirates, the group announced a partnership with “Etisalat Digital” to enhance its digital capabilities and improve the customer experience in the field of electricity and water throughout the Emirate of Abu Dhabi, as well as expressing our interest in acquiring the electricity generation assets of Emirates Global Aluminium, to expand the portfolio Our obstetrical assets are in the UAE.
The current market conditions contribute to enhancing our position and our ability to seize opportunities for organic and inorganic growth inside and outside the country, making “TAQA” an investment company that has a highly competitive ability and has a lot of flexibility and capabilities to implement its projects effectively and quickly.”
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