UAE Business: Taqa Group’s 9M net income soars 53pc to $1.77bn – Gulf Digital News

UAE Business: Taqa Group’s 9M net income soars 53pc to $1.77bn – Gulf Digital News

Abu Dhabi National Energy Company (Taqa), one of the largest listed integrated utilities in the region, has seen its nine-month (9M) net income soar 53% to AED6.5 billion ($1.77 billion), compared to last year.

The Oil & Gas segment is the significant contributor to the bottom-line growth. Taqa delivered a strong performance underpinned by its stable contracted and regulated utilities business and buoyant commodity prices.

The 9M group revenues hit AED38.7 billion, 14% higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment.

EBITDA up

Adjusted EBITDA was AED16.5 billion, up 15%, benefiting from strong revenue growth.

Capital expenditure was AED2.5 billion, 28% lower than the prior-year period, largely reflecting lower spend in the Transmission & Distribution segment. Free cash flow was AED12.8 billion, 13% higher than the same period last year, supported by a combination of higher cash generation and lower capex.

Cash, cash equivalents and undrawn corporate credit facilities amounted to AED24.7 billion at the end of the period.

Operational highlights

Taqa’s transmission network availability for power and water was 98.6%, compared to 98.3% in the prior-year period. Generation global commercial availability was 97.8%, slightly higher than the 97.3% figure in the same period last year.

Oil & Gas average