Taqa’s H1 net profit jumps 42% to Dh2.9 billion – MENAFN.COM

Taqa’s H1 net profit jumps 42% to Dh2.9 billion – MENAFN.COM

Abu Dhabi National Energy Company or Taqa recorded on Wednesday a 42 per cent year-on-year jump in its first-half net profit after a significantly higher contribution from the oil and gas segment. In a statement, the leading integrated utilities company said its net income of Dh2. 9 billion was up by Dh2. 4 billion from Dh504 million in H1 2020. It was adjusted by Dh1. 5 billion for a one-off post tax impairment charge, to make an increase of 42 per cent. The company recorded revenues of Dh22 billion, an 11 per cent surge on the same 2020 period due to higher commodity prices in the oil and gas segment. The utility also announced a dividend of Dh618 million or 0. 55 fils per share, the second in the financial year. Taqa said it delivered a strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020. "Taqa has made strong progress on our commitment to stakeholders for 2021. We have delivered two interim dividend payments, refinanced maturing debt at record-low rates, broken ground on what will be