Taqa Group reports 2021 net income of Dh6b

Board proposes final cash dividend for 2021 of Dh1.2 billion, bringing total dividends for the year to Dh3.1 billion and delivering on quarterly dividend policy

Abu Dhabi National Energy Company (Taqa) has reported consolidated financial results for the year ended December 31, 2021, with group revenues of Dh45.7 billion, 11 per cent higher than the prior-year period.

Taqa delivered a very strong performance in 2021 underpinned by its utilities business and boosted by the recovery in commodity prices. The year also saw Taqa start to actively execute on its 2030 strategy for sustainable growth and returns.

Adjusted EBITDA was Dh19.7 billion, up 23 per cent, mainly reflecting higher revenues and improved income from associates, partially offset by higher expenses.

Net income was Dh6 billion, an increase of Dh3.2 billion, with greater contribution from the Oil & Gas segment and reflecting the Dh1.5 billion post-tax impairment charge in the previous year.

Upon approval of the financial results, the board of directors proposed a final cash dividend of Dh1.2 billion, or 1.1 fils per share. This will be the fourth and final quarterly dividend payment planned for the financial year of 2021, bringing total dividends for the year to Dh3.1 billion.

Mohamed Hassan Alsuwaidi, Taqa’s chairman, said: “In 2021, Taqa Group outlined an ambitious growth strategy, setting its sights on being the recognized low carbon power and water champion of Abu Dhabi and beyond. Taqa’s strategy put a stake in the ground, showcasing its commitment to decarbonisation and growth with a clear roadmap to 2030. It immediately began executing this plan, including announcing a powerhouse partnership with Mubadala and Adnoc to become shareholders in one of the largest renewable energy companies in the world, under the Masdar brand.”

“Taqa continues to evolve and grow at a rapid pace as a fully diversified and integrated utilities company, while maintaining standalone investment grade credit ratings and delivering attractive and stable returns to its shareholders,” he added.

Jasim Husain Thabet, Taqa’s group CEO and MD, said: “While 2021 showcased the financial and operational strength of Taqa Group, it was also a success because of the commitment to excellence from our employees – our most important assets. As a result, we progressed in new areas such as green hydrogen and we achieved key milestones including the first water being produced from the Taweelah Reverse Osmosis plant – that once fully operational will be the largest of its kind in the world.”

“We also became the partner of choice for decarbonizing industries such as Adnoc’s offshore operations which we are linking to the onshore grid enabling power to come from low carbon electricity. This has laid the groundwork for 2022, which began with publishing our first sustainability report – demonstrating our commitment to ESG and further supporting the UAE’s Net Zero by 2050 strategic initiative. We also announced the successful completion of the region’s largest green bond in January, which was 1.8 times oversubscribed by international investors,” he added.

business@khaleejtimes.com