Abu Dhabi’s Taqa net profit zooms to Dh11.6b for Q1-2023, with one-off gain from stake in ADNOC Gas

Abu Dhabi’s Taqa net profit zooms to Dh11.6b for Q1-2023, with one-off gain from stake in ADNOC Gas

Dubai: The ADNOC Gas IPO and listing sure benefitted Taqa – the Abu Dhabi utility giant – on its Q1-23 profits. There was a one-off gain of 5 per cent from TAQA acquiring 5 per cent in the former. Based on ADNOC Gas’ announced dividend policy, Taqa will likely receive dividends Dh298 million in 2023 and Dh611 million by 2024. At the same time, planning for the UAE Corporate Tax is also showing up in the company’s financials. Taqa said there was a one-off Dh1.2 billion deferred tax liability associated with the introduction of the CT. In all, the net income for the ADX-listed entity was Dh11.6 billion for the first three months – an increase of Dh9.6 billion. If the net income were to exclude these one-offs, it would total Dh1.9 billion, in line with the prior year. The Taqa Board of Directors have declared a first interim cash dividend for the year of 0.65 fils per share (around Dh731 million) as part of the new quarterly payout policy. The new dividend policy - for 2023-25 - is based on a combination of fixed and variable dividends and 'offer attractive returns to shareholders and is in line with our