Taqa posts Dh4.3 billion net income in 9 months of 2021

Abu Dhabi National Energy Company, popularly known as Taqa, said its group revenues climed 11 per cent to Dh34.3 billion due to higher commodity prices within the oil and gas segment.

In a statement, the Abu Dhabi-based company said that earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Dh14.4 billion, up 20 per cent, mainly reflecting higher revenues and improved income from associates, partially offset by higher expenses.

Also, net income (Taqa-share) was Dh4.3 billion, an increase of Dh3 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 Dh618 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, said 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 15GW of international generation capacity by 2030,” he said.

“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.”

— muzaffarrizvi@khaleejtimes.com