TAQA Group reports net income of AED 6.5bln for first nine months of 2022

TAQA Group reports net income of AED 6.5bln for first nine months of 2022

Declares third interim cash dividend for 2022 of AED 675 million, delivering on quarterly dividend policy

Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (“TAQA”, the “Company” or the “Group”), one of the largest listed integrated utilities in the region, reported consolidated financial results for the period ended September 30, 2022.

TAQA delivered a strong performance underpinned by its stable contracted and regulated utilities business and buoyant commodity prices. Highlights for the nine-month period include:

Financial highlights:

Group revenues of AED 38.7 billion, 14% higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment.

Adjusted EBITDA was AED 16.5 billion, up 15%, benefiting from strong revenue growth.

Net income (TAQA-share) was AED 6.5 billion, 53% higher than the prior-year period, with the Oil & Gas segment proving to be a significant contributor to bottom line growth.

Capital expenditure was AED 2.5 billion, 28% lower than the prior-year period, largely reflecting lower spend in the Transmission & Distribution segment.

Free cash flow was AED 12.8 billion, 13% higher than the same period last year, supported by a combination of higher cash generation and lower capex.

Cash, cash equivalents and undrawn corporate credit facilities amounted to AED 24.7 billion at the end of