TAQA reports a 50% increase in net income to $1.17bn for H1 2022

Strong performance underpinned by stable contracted and regulated utilities business, and buoyant commodity prices

Abu Dhabi National Energy Company (TAQA) has reported its consolidated financial results for the period ended 30 June 2022. Its net income (TAQA-share) was said to be $1.17bn billion, 50% higher than the prior-year period, with greater contribution from the oil & gas segment.

In a statement, TAQA said that it delivered a strong performance underpinned by its stable contracted and regulated utilities business, and buoyant commodity prices. One notable highlight during the half was that the group had entered into binding agreements for the acquisition of a stake in Masdar, said H.E. Mohamed Hassan Alsuwaidi, Chairman of TAQA Group.

“The transaction between Mubadala, ADNOC and TAQA will create a global clean energy powerhouse that consolidates renewable energy and green hydrogen efforts under a unified brand and further accelerate TAQA’s growth trajectory. The partnership also sets out to transform the energy landscape both in Abu Dhabi and on a global scale, supporting the country’s own ‘Net-Zero by 2050 Strategic Initiative’ and cementing its role as a leader driving global energy transition efforts.”

In January 2022, TAQA and Etisalat Digital joined forces for an advanced metering infrastructure project.

Highlighting its operational performance, TAQA said the transmission network availability for power and water was 98.4%, compared to 98.2% – a slight improvement on the prior-year period. It also noted that generation global commercial availability was 97.5%, which was slightly lower compared to 97.7% from the prior-year period, mainly due to unplanned maintenance within the UAE fleet. It added that its oil & gas average production volumes were 124.1 thousand barrels of oil equivalent per day (BOEPD), unchanged on the same period last year.

Upon approving the period’s financial results, TAQA’s Board of Directors also declared an interim cash dividend of $183.7mn (0.60 fils per share). This will be the second quarterly dividend payment planned for the financial year of 2022, in line with the company’s dividend policy.

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented: “TAQA Group has closed the first half of 2022 with strong financial results that showcase our continued strong performance and our robust business model as a fully integrated utility champion for Abu Dhabi and beyond. In the first six months of this year, TAQA has already made great strides in its growth strategy and in executing our ambitions for the future.”

“Highlights for the first half include the issue of our first green bond linked to Noor Abu Dhabi for international investors and launched our second sustainability report with interim emissions targets for 2030 to be articulated later this year.”

He concluded, “In addition, we announced that we expect to acquire a stake in EGA’s power assets, increasing our UAE-based capacity to more than 22GW, in line with TAQA’s growth strategy to increase domestic capacity to 30GW by 2030. We also listed nine TAQA-issued bonds on the Abu Dhabi Securities Exchange, an important milestone for local and regional investors and strengthening the Emirate’s debt capital market.”

In January, Hitachi Energy said it had won an ADNOC power transmission contract, while in June, Masdar signed agreements with Azerbaijan to develop 10,000MW of clean energy.


Most Popular

To Top