Taqa reports AED4.3bn net income in 9 months of 2021

Taqa reports AED4.3bn net income in 9 months of 2021

Admin 55 mins ago Local News, News

ABU DHABI / WAM

Abu Dhabi National Energy Company (Taqa) reported consolidated pro-forma financial results for the period ended September 30, announcing group revenues of AED34.3 billion, 11% higher than the prior-year period, primarily due to higher commodity prices within the oil and gas segment. Taqa also announced that earnings before interest, taxes, depreciation, and amortisation (Ebitda) reached AED14.4 billion, up 20%, mainly reflecting higher revenues and improved income from associates, partially offset by higher expenses. Also, net income (Taqa-share) was AED4.3 billion, an increase of AED3 billion, with a significantly higher contribution from the oil and gas segment. Upon approval of the financial results, Taqa’s Board of Directors declared an interim cash dividend of AED618 million (0.55 fils per share). This will be the third quarterly dividend payment planned for the financial year of 2021, in line with the company’s dividend policy. Jasim Husain Thabet, Taqa’s Group Chief Executive Officer and Managing Director, commented, “Taqa has demonstrated strong financial performance this year, highlighting the company’s ability to deliver on our promises. We have continued this journey with our recent announcement of the development of the Tanajib power and water project with Saudi Aramco