UAE Business: Taqa Group’s net income up 37% to $544m for Q1 – Gulf Digital News

UAE Business: Taqa Group’s net income up 37% to $544m for Q1 – Gulf Digital News

Abu Dhabi National Energy Company (Taqa), a leading integrated utilities in the region, has posted a net income (Taqa-share) of AED2 billion ($544 million) for the first quarter (Q1) of 2022, 37% higher than the prior-year period.

Taqa delivered strong performance underpinned by its stable regulated and contracted utilities businesses and boosted by higher commodity prices. Highlights for the period include:

Group revenues of AED12.4 billion, 20% higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment, while adjusted EBITDA was AED5.6 billion, up 20%, mainly reflecting higher revenues as well as improved income from associates, partially offset by higher expenses.

Capital expenditure was AED868 million, 31% lower than the prior-year period, mainly driven by lower expenditure in the Transmission & Distribution segment.

Free cash flows recorded AED3.3 billion, 5% lower than the same period last year, maintaining significant liquidity (AED19.3 billion in cash and cash equivalents and undrawn corporate credit facilities).

Gross debt was AED63.9 billion, down from AED65.0 billion at the end of 2021, further improving the Group’s credit metrics.

Operational highlights:

• Transmission network availability for power and water of 98.0%, flat to the prior-year period.

• Generation global technical availability of 84.0%, lower compared to 88.7% from