Abu Dhabi National Energy Company has achieved a 1.4 billion dirhams in the first quarter of 2021, compared to AED 548 million losses during the same period last year.
According to Arab Net is due to the significant increase in the contribution of the oil and gas sector, given that the first quarter of 2020 ensures a reduction in the carrying amount of oil and gas assets by 1.5 billion dirhams after the tax.
In a statement, the company said its revenues amounted to 10.3 billion dirhams, an increase of 3% over the same period last year and resulted in a majority of rising commodity prices in the oil and gas sector.
Profits before accounting for interest, taxes, consumption and amortization amounted to 4.7 billion dirhams, an increase of 12%, which are mainly reflected in high revenue, low operating expenses and income in associates.
The value of capital expenditure was 1.3 billion dirhams, an increase of 18% as a result of expenditure in 2020 and return to delayed or postponed projects with the beginning of the 19 universal coffe pandemic.
The Council announced the distribution of a phased cash dividend of AED 618 million (0.55 fils per share). This will be the first installment of four batches for the planned quarterly profit distributions for fiscal year 2021 in accordance with the company's declared policy for dividends.
