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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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
HOW TO WATCH
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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The%20specs%3A%20Taycan%20Turbo%20GT
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UAE currency: the story behind the money in your pockets
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
THE%20SPECS
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Europe's top EV producers
- Norway (63% of cars registered in 2021)
- Iceland (33%)
- Netherlands (20%)
- Sweden (19%)
- Austria (14%)
- Germany (14%)
- Denmark (13%)
- Switzerland (13%)
- United Kingdom (12%)
- Luxembourg (10%)
Source: VCOe
