The CEO of Abu Dhabi’s TAQA is optimistic about the company’s future performance based on the renewed demand for utilities and commodities in the first quarter of 2021.
Jasim Husain Thabet, Group CEO and managing director of the power producer said the market was continuing to recover in the UAE and globally.
“Looking forward, the conditions are more optimistic as we see the demand for utilities and commodities bounce back after the universal challenges brought on from the pandemic,” said Thabet.
“As the market continues its recovery, both in the UAE and abroad, TAQA is well placed to continue on its trajectory for growth as the recognised low carbon power and water champion of Abu Dhabi,” he added.
TAQA reported a net income of AED 1.4 billion ($381 million) for first quarter of 2021.
The net income figure represented an increase of AED 2 billion, owing to significantly higher contribution from the Oil & Gas segment, and the fact that Q1 2020 included an AED 1.5 billion post-tax impairment charge, the company said in a statement.
Group revenues for the first quarter were AED 10.3 billion, up from AED 10 billion in the same period in 2020, which it said was primarily due to higher commodity prices within the Oil & Gas segment.
“TAQA Group has closed out a strong first quarter demonstrating our resilience, which is underpinned by our financial and strategic scale as a fully integrated utilities company,” Thabet said.
“Driven by our newly articulated strategy, which lays the foundation for sustainable and profitable growth, TAQA will continue to build on our financial strength,” he added.
The company announced a $1.5 billion bond issuance earlier this week, which was an endorsement from global investors, he said.
TAQA’s first quarter results also showed capital expenditure of AED 1.3 billion, an increase of 18 percent, resulting from lower spend in 2020 as projects were delayed or postponed by the global pandemic, the company said.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
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