Abu Dhabi National Energy Company, or Taqa as it is known, more than doubled its 2021 profit as revenue grew during the period on higher oil prices.
Net profit attributable to the equity holders for the full year rose to about Dh6 billion ($1.63bn), from Dh2.8bn the previous year, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue from oil and gas grew 78 per cent to Dh7.4bn, increasing overall group revenue 11 per cent to about Dh46bn. Capital expenditure increased 26 per cent last year to Dh4.7bn from 2020, driven by expenditure in transmission and distribution, the group’s largest business segment.
Upon approval of the financial results, the company's board proposed a final cash dividend of Dh1.2bn (1.1 fils per share). This will be the fourth and final quarterly dividend payment planned for the financial year of 2021, bringing total dividends for the year to Dh3.1bn.
"2021 showcased the financial and operational strength of Taqa ... we progressed in new areas such as green hydrogen and we achieved key milestones including the first water being produced from the Taweelah Reverse Osmosis plant – that once fully operational will be the largest of its kind in the world," said Jasim Husain Thabet, Taqa’s group chief executive and managing director.
"Internationally we also moved forward on our growth plans with signing the Tanajib cogeneration and desalination project in the Kingdom of Saudi Arabia with Saudi Aramco. We also became the partner of choice for decarbonising industries such as Adnoc’s offshore operations which we are linking to the onshore grid enabling power to come from low carbon electricity. This has laid the groundwork for 2022."
Taqa is also set to become a shareholder in Abu Dhabi’s clean energy company Masdar along with Adnoc and Mubadala Investment Company. It will take a 43 per cent stake in Masdar’s renewable energy business with Mubadala retaining a 33 per cent share and Adnoc holding a 24 per cent stake after the completion of the transaction in the coming months.
In Masdar’s green hydrogen business, Taqa will have a 24 per cent stake, while Adnoc will take 43 per cent shareholding, with Mubadala holding 33 per cent.
Oil prices have been increasing in the past year shoring up the earnings of oil companies. Oil prices have increased by more than 67 per cent last year and continue to rise amid higher demand, a tight market and geopolitical tensions related to the Ukraine crisis.
Brent, the global benchmark for two thirds of the world's oil, was trading at $90.61 per barrel at 10.46am UAE time on Friday, while West Texas Intermediate, the gauge that tracks US crude, was at $89.27 per barrel.
Taqa, together with Emirates Water and Electricity Company, also raised about $700m through its first green bond to diversify funding sources earlier this year.
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Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
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The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
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