Utilities company Abu Dubai National Energy Company PJSC, which trades as TAQA, has announced a net profit of AED 1,89 billion ($515 million) for the first quarter of 2022, up from AED 1.43 billion in the same quarter in 2021.

The company said it had delivered a strong performance underpinned by its stable regulated and contracted utilities businesses, which was boosted by higher commodity prices.

Group CEO and managing director Jasim Husain Thabet, said: “The current market conditions further advance our positioning to actively pursue organic and inorganic growth opportunities in the UAE and abroad and make the TAQA a competitive investor that is agile and able to swiftly execute.”

Revenue for the period reached AED 12.4 billion in Q1 2022, up by 20 percent from AED 10.3 billion in Q1 2021, which the company said was primarily due to higher commodity prices in the oil and gas segment.

The company also declared a cash dividend of AED 675 million or 60 fils per share.

Summarising achievements in the quarter, Thabet said the company had issued a green bond linked to its first solar photovoltaic (PV) plant, listed on the London Stock Exchange (LSE) in January, and in March had expressed an interest in acquiring aluminium producer EGA’s power generation assets.

(Writing by Imogen Lillywhite; editing by Seban Scaria)