Abu Dhabi National Energy Company (TAQA) achieved a 35% increase in annual profits to reach 8 billion dirhams in 2022, compared to 6 billion dirhams in 2021.
According to Arabiya.net, TAQA recorded revenues of 50 billion dirhams, an increase of 10.3% compared to the previous year, mainly due to the rise in commodity prices in the oil and gas sector.
The adjusted earnings of Abu Dhabi National Energy Company before interest, tax, depreciation and amortization amounted to 20.8 billion dirhams, an increase of 6.7%. The value of capital expenditure amounted to 3.8 billion dirhams, a decrease of 20.1% compared to last year.
The company stated in a statement that it achieved good performance based on the implementation of its growth strategy, supported by contracted work in the utilities sector, and the improvement in commodity prices.
She pointed to an additional significant contribution from the oil and gas sector, and the decline in consumption expenditures, which in turn supported the growth of net income.
TAQA employed huge investments amounting to 4.5 billion dirhams in 2022 (no investments in 2021), to finance the acquisition of a stake in the Abu Dhabi Future Energy Company, Masdar, and the project to supply electricity to the offshore production operations of the Abu Dhabi National Oil Company (ADNOC).
The company continued to achieve free cash flows during the year 2022, amounting to 13.8 billion dirhams, albeit 22.3% less than last year, as a result of its spending on the investment deal in Masdar.
Total debt to Abu Dhabi National Energy Company reached 61.7 billion dirhams, down from 65 billion dirhams at the end of 2021, which contributed to the further improvement of the credit metrics of the group.
After approving the financial results for the year 2022, the Board of Directors of Abu Dhabi National Energy Company proposed the fourth and final payment of cash dividends for the fiscal year 2022 at a value of 3.3 fils per share (3,713 million dirhams). Thus, the total cash dividends distributed for 2022 amounted to 5.1 fils per share. (5,738 million dirhams).
