Abu Dhabi's TAQA Q3 net profit doubles to $384mln

Declares interim cash dividend of $0.15

  
Investors speak in front of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image used for illustrative purpose.

Investors speak in front of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image used for illustrative purpose.

REUTERS/Stringer

Abu Dhabi National Energy Co (TAQA) on Wednesday reported its Q3, 2021 net profit at 1.40 billion dirhams ($384 million) compared to 700 million dirhams posted in the year-ago period, mainly due to higher oil and gas prices.

Revenue for the period came in at 12.08 billion dirhams versus 10.85 billion dirhams in Q3 2020, the integrated utility company said in a statement on Abu Dhabi Securities Exchange.

The energy company has declared an interim cash dividend of 618 million dirhams (0.55 fils per share). This will be the third quarterly dividend payment planned for 2021.

For the nine-month period ended September 2021, TAQA's net profit was 4.26 billion dirhams compared to 1.26 billion for the same period in 2020. This was due to significantly higher contribution from the Oil & Gas segment and "the fact that 9M 2020 was reduced by AED 1.5 billion post-tax impairment charge," it said.

Capital expenditure for nine-month period was at 3.4 billion dirhams, 25 percent higher than prior year, due to expenditure in Transmission & Distribution, the largest segment.

Cash flows for 9M was 11.4 billion dirhams after full repayment of corporate credit facilities in the first half of the year.  

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said Taqa's strong financial performance highlighted its ability to deliver on 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 15 GW of international generation capacity by 2030."

Last month, TAQA said it would develop the 940-megawatt Tanajib greenfield power and desalination project with Saudi Aramco. It also signed an agreement with Japan's Marubeni Corporation to develop a greenfield cogeneration power and water desalination project with Aramco in Saudi Arabia.

(Reporting by Brinda Darasha; editing by Daniel Luiz) 

brinda.darasha@refinitiv.com 

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© ZAWYA 2021


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