The said delays are expected between the intersection of Hatta Road and Al Ain Road towards Abu Dhabi
Abu Dhabi National Energy Company (Taqa) recorded a 37 per cent jump in first-quarter net profit to Dh2 billion, driven by regulated and contracted utility businesses and higher commodity prices consolidated financial results for the three months ended March 31, 2022.
Taqa, one of the largest listed integrated utilities in the region, saw its group revenues rise 20 per cent to Dh12.4 billion compared to the prior-year period, primarily due to higher commodity prices within the oil & gas segment.
The utility company’s adjusted Ebitda was Dh5.6 billion, up 20 per cent, mainly reflecting higher revenues as well as improved income from associates, partially offset by higher expenses. Capital expenditure was Dh868 million, 31 per cent lower than the prior-year period, mainly driven by lower expenditure in the Transmission & Distribution segment.
Jasim Husain Thabet, Taqa’s group chief executive officer and managing director, said solid financial results for the first quarter of 2022 demonstrate the value of the company’s “agile and robust business model, and more importantly, provide an excellent foundation for our strategic growth plans.”
“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. In the UAE, we announced a partnership with Etisalat Digital to enhance digital capabilities and customer experience for our power and water customers across Abu Dhabi, as well as expressing an interest in acquiring EGA’s power generation assets to boost Taqa’s UAE capacity,” said Thabet.
He said the current market conditions further advance the company’s positioning to actively pursue organic and inorganic growth opportunities in the UAE and abroad and make Taqa a competitive investor that is agile and able to swiftly execute.
Upon approval of the financial results, Taqa’s Board of Directors also declared a first interim cash dividend for the year of Dh675 million (0.60 fils per share), in line with the company’s dividend policy.
Taqa reported free cash flows of Dh 3.3 billion, 5.0 per cent lower than the same period last year, maintaining significant liquidity (Dh19.3 billion in cash and cash equivalents and undrawn corporate credit facilities).
The company’s gross debt dropped to Dh63.9 billion, down from Dh65 billion at the end of 2021, further improving the group’s credit metrics. Transmission network availability for power and water remained at 98 per cent, flat to the prior-year period while generation global technical availability was at 84 per cent lower compared to 88.7 per cent from the prior-year period, mainly due to planned and unplanned maintenance within the UAE fleet.
Oil & gas average production volumes increased to 126.9 thousand barrels of oil equivalent per day (boepd), an increase of 5.0 per cent, driven by higher production in Europe. — issacjohn@khaleejtimes.com
The said delays are expected between the intersection of Hatta Road and Al Ain Road towards Abu Dhabi
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