TAQA group net income up 33.3% at Dh8 billion in 2022

TAQA group net income up 33.3% at Dh8 billion in 2022

Abu Dhabi National Energy Company PJSC (TAQA) reported Dh50 billion in group revenue in 2022, up 10.3 per cent compared to the year-ago period, mainly on higher commodity prices in the oil and gas segment, the company said on Tuesday. Net income for the period stood at Dh8 billion, compared to the Dh6 billion in the previous year, while EBITDA touched Dh20.8 billion, up 6.7 per cent. TAQA’s Board of Directors has proposed a final cash dividend of 3.3 fils/share (Dh3,713 million). This will be the fourth and final dividend payment planned for the financial year of 2022, bringing total dividends for the year to 5.1 fils/share (Dh5,738 million). Mohamed Hassan Alsuwaidi, TAQA’s Chairman, said: “TAQA’s record results in 2022 are a continuation of a positive trajectory that is anchored in compelling market opportunities, investment grade credit ratings and higher ESG ratings from global agencies. We continued to make steadfast contributions to the UAE’s decarbonisation goals, accelerating the energy transition and driving sustainable growth. “As part of these efforts, the company acquired a controlling stake in national clean energy champion Masdar, which is set to allow TAQA to reach its 2030 objective of having more than 30 per cent of