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.
World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
UAE currency: the story behind the money in your pockets
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
MATCH INFO
Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)
Man of the match Harry Kane
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Killing of Qassem Suleimani
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The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
