Abu Dhabi National Energy Company (TAQA), one of the largest integrated utility companies listed on the Abu Dhabi Financial Market, announced that it achieved strong financial results in the first quarter of this year for the period ending on March 31, 2023.

The company said in a statement that the strong performance in this quarter was driven by strong and stable returns from its long-term contracted business in the utility sector, in addition to the one-time returns resulting from TAQA's acquisition of a 5 percent stake in ADNOC Gas.

The statement indicated that the group achieved revenues of 13.1 billion dirhams (about 3.6 billion dollars), an increase of 6 percent, compared to the same period last year. The company attributed this increase mainly to the increase in the wholesale supply tariff and the tariff related to the use of the transmission network within the transmission and distribution sector.

Net income (energy share) amounted to 11.6 billion dirhams (about $3.2 billion), an increase of 9.6 billion dirhams. A one-time deferred amount of AED 1.2 billion related to corporate income tax that was imposed in the UAE and will be applied from January 01, 2024. Net income without accounting for these one-time items amounted to AED 1.9 billion, similar to the same period last year.