Taqa Group reports Dh11.6 billion net income for Q1 2023

Abu Dhabi National Energy Company (Taqa) on Monday reported a very strong first quarter for the period ending March 31, announcing a net income (Taqa share) of Dh11.6 billion, an increase of Dh9.6 billion, mainly driven by a one-off gain recognised on the acquisition of a 5 per cent shareholding in Adnoc Gas.

It also announced group revenues of Dh13.1 billion, 6 per cent higher than the prior-year period, primarily due to higher pass-through bulk supply tariffs and transmission use of the system within the Transmission and Distribution segment and Adjusted Ebitda of Dh5.3 billion.

The company also announced a capital expenditure of Dh1.1 billion, 26 per cent higher than prior year; Free cash flow generation was Dh4.3 billion, 31 per cent higher compared to the previous year; and gross debt of Dh 59.8 billion, down from Dh61.7 billion at the end of 2022.

Speaking on the occasion, Jasim Husain Thabet, Taqa’s Group Chief Executive Officer and Managing Director, said, “Taqa Group has closed a positive first quarter for 2023 with a significant boost to our net income from our new stake in Adnoc Gas. Outside of this, the company has made strong progress in delivering on our growth strategy alongside a steady financial performance.

“On the growth front, we started the year by expanding our stake in Taweelah B IWPP and further strengthened our capabilities by expanding into the plant’s operations & maintenance, a key growth area for our business. We partnered with Engie to develop the Mirfa 2 RO plant, delivering 120 MIGD of desalinated water. This plant is another important step in expanding energy-efficient RO technology in our desalination fleet as we promised.