Home Business TAQA Group reports net income of AED6.0 billion in 2021

TAQA Group reports net income of AED6.0 billion in 2021

by Dubai Forum
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ABU DHABI, 11th February, 2022 (WAM) — Abu Dhabi National Energy Company (TAQA) today reported consolidated financial results for the year ended 31st December 2021 with net income (TAQA-share) of AED6.0 billion, an increase of AED3.2 billion, thanks to greater contribution from the Oil & Gas segment and reflecting the AED1.5-billion post-tax impairment charge in the previous year.

The Group revenues of AED45.7 billion, 11 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment, according to a TAQA press release on Friday.

Adjusted EBITDA was AED19.7 billion, up 23 percent, mainly reflecting higher revenues and improved income from associates, partially offset by higher expenses.

The capital expenditure was AED4.7 billion, 26 percent higher than the prior year, driven by expenditure in Transmission & Distribution, the Group’s largest segment.

A strong free cash flow of AED17.8 billion, further improving liquidity following the full repayment of corporate credit facilities in the first half of the year. However, the gross debt of AED64.9 billion, down from AED76.0 billion at the end of 2020, further improving the Group’s credit metrics.

Transmission network availability for power and water reached 98.4 percent, marginally lower than the previous year. Generation global technical availability of 92.3percent, lower than the prior period, mainly due to planned and unplanned maintenance within the UAE fleet.

Oil & Gas average production volumes increased to 122.4 thousand barrels of oil equivalent per day (boepd), an increase of 4 percent, driven by higher production in Europe, particularly the United Kingdom.

Upon approval of the financial results, TAQA’s Board of Directors proposed a final cash dividend of AED1.2 billion (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 AED3.1 billion, in line with the Company’s dividend policy.

Mohamed Hassan Alsuwaidi, TAQA’s Chairman, commented, “In 2021, TAQA Group outlined an ambitious growth strategy, setting its sights on being the recognised 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.”

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, stated, “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. 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.

“Internationally, we also moved forward on our growth plans by signing the Tanajib cogeneration and desalination project in Saudi Arabia with Saudi Aramco.”

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