TAQA Group reports year 2022 net income of AED8 billion

TAQA Group reports year 2022 net income of AED8 billion

ABU DHABI, 14th February, 2023 (WAM) -- Abu Dhabi National Energy Company (TAQA) reported positive financial results for the year ended 31st December 2022. TAQA delivered a very strong performance during the year, which was underpinned by the execution of it its growth strategy, its contracted utilities business and an uplift in commodities prices.

Group revenues were to the tune of AED50 billion, 10.3 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil and Gas segment. Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortisation) was AED20.8 billion, up 6.7 percent.

Net income (TAQA-share) was AED8.0 billion, an increase of AED2 billion, with greater contribution from the Oil and Gas segment and lower depreciation expense supporting bottom-line growth. Capital expenditure was AED3.8 billion, 20.1 percent lower than previous year.

TAQA also made significant investments of AED4.5 billion in 2022 (2021: nil), relating to the acquisition of Masdar and the project to power and decarbonise ADNOC’s offshore production operations. Free cash flow generation remained strong for the year at AED13.8 billion, albeit 22.3 percent lower compared to the previous year, mainly due to payment for TAQA’s investment in Masdar.

Gross debt was AED61.7 billion, down from AED65 billion at