TAQA Group reports AED11.6 billion net income for Q1 2023

TAQA Group reports AED11.6 billion net income for Q1 2023

ABU DHABI, 15th May, 2023 (WAM) -- Abu Dhabi National Energy Company (TAQA) today reported a very strong first quarter for the period ending 31st March, announcing a net income (TAQA share) of AED11.6 billion, an increase of AED9.6 billion, mainly driven by a one-off gain recognised on the acquisition of a 5% shareholding in ADNOC Gas.

It also announced group revenues of AED13.1 billion, 6% higher than the prior-year period, primarily due to higher pass-through bulk supply tariffs and transmission use of the system within the Transmission and Distribution segment and Adjusted EBITDA of AED5.3 billion.

The company also announced a capital expenditure of AED1.1 billion, 26% higher than prior year; Free cash flow generation was AED4.3 billion, 31% higher compared to the previous year; and gross debt of AED 59.8 billion, down from AED61.7 billion at the end of 2022.

Speaking on the occasion, Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said, “TAQA Group has closed a positive first quarter for 2023 with a significant boost to our net income from our new stake in ADNOC Gas. Outside of this, the company has made strong progress in delivering on our growth strategy alongside a steady financial performance.

“On