UAE’s TAQA Group posts Dhs13.5bn in H1 net income

UAE’s TAQA Group posts Dhs13.5bn in H1 net income

Image courtesy: TAQA Group

TAQA, also known as Abu Dhabi National Energy Company, posted Dhs13.5bn in half-year net income, driven by a one-off gain of Dhs10.8bn recognised on the acquisition of a 5 per cent shareholding in ADNOC Gas.

Net income was in part offset by a one-off Dhs1.2bn deferred tax liability associated with the introduction of UAE corporate income tax.

However, excluding these one-off items, TAQA’s income plunged 9 per cent to Dhs3.9bn due to lower contribution from the oil and gas business.

The utility firm said its revenues in the six months to June 30 reached Dhs26.8bn, a 5 per cent year-on-year increase, thanks to higher pass-through bulk supply tariffs and transmission use of the system within the group’s transmission and distribution segment.

TAQA’s board of directors declared a second interim cash dividend for the year of 0.65 fils per share (approximately Dhs731m), in line with the company’s new dividend policy.

The energy firm’s earnings before interest, taxes, depreciation and amortisation (EBITDA) during the period dropped by 7 per cent to Dhs10.5bn, due to the decline in contribution from the oil and gas portfolio.

Its free cash flow in H1 2023 stood at Dhs6.4bn, down 23 per cent from the same period a year