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TAQA Group reports nine-month net income of Dhs6.5bn

TAQA’s Board of Directors also declared an interim cash dividend of Dhs675m

by Gulf Business

November 15, 2022

Abu Dhabi National Energy Company (TAQA) has reported its consolidated financial results for the period ended September 30, announcing a net income of Dhs6.5bn, 53 per cent higher than the previous year.

The company also reported group revenues of Dhs38.7bn, 14 per cent higher than the prior-year period, and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Dhs16.5bn, up 15 per cent, benefiting from strong revenue growth.

TAQA’s Board of Directors also declared an interim cash dividend of Dhs675m (0.60 fils per share). This will be the third quarterly dividend payment planned for the financial year of 2022, in line with the company’s dividend policy.

Jasim Husain Thabet, TAQA’s group CEO and MD, commented, “The first nine-month of 2022 saw TAQA Group deliver another set of strong financial results, reflecting strong performance across all our businesses. Last year, when TAQA launched its growth strategy for 2030, we committed to becoming a company anchored in environmental, social, and governance (ESG) principles, and we have delivered on this promise by announcing our 2030 ESG strategy, including interim greenhouse gas emissions (GHG) reductions targets.

“Under this strategy, we have committed to a 25 per cent reduction of scope 1 and 2 GHG emissions by 2030 across the Group, including a 33 per cent reduction of UAE portfolio emissions compared to the 2019 baseline. This is a commitment to absolute emissions reductions and a credible step towards achieving our net-zero ambitions by 2050.”