TAQA Group reports Dh2.9bn net income for H1 2021

The results represent a 42% year-on-year increase adjusted for one-offs charges in H1 2020. TAQA has also declared second interim cash dividend for 2021 of Dh618mn, delivering on quarterly dividend policy

Abu Dhabi National Energy Company (TAQA Group), one of the largest listed integrated utilities in the region, has reported consolidated financial results for the period ended June 30, 2021.

Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020.

Group revenues reached Dh22.2bn, 11% higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment.

EBITDA was Dh9.9bn, up 19%, mainly reflecting higher revenues and income from associates, partially offset by higher expenses.

Net income (TAQA-share) was

Dh2.9bn, an increase of Dh2.4bn, with a significantly higher contribution from the Oil & Gas segment and the fact that Q1 2020 was reduced by a Dh1.5bn post-tax impairment charge.

Capital expenditure was Dh2.0bn, 3% lower than prior year. TAQA also reported strong free cash flows of Dh7.4bn, allowing for the full repayment of corporate revolving credit facilities.

Upon approving the period’s financial results, TAQA’s Board of Directors also declared an interim cash dividend of Dh618mn (0.55 fils per share).

This will be the second quarterly dividend payment planned for the financial year of 2021, in line with the Company’s dividend policy.

TAQA also reported a transmission network availability for power and water of 98.2%, marginally lower than the prior-year period.

Generation global technical availability of 92.6% was marginally lower compared to the prior period, mainly due to planned outages within the international generation assets.

Oil & Gas average production volumes increased to 124.2 mboepd, driven by higher production in Europe, in particular the United Kingdom.