TAQA Group doubles 2021 net profit to $1.63 billion

Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in the region, on Friday reported a jump in its annual profit for 2021 to US $1.63 billion (Dh6 billion), with greater contribution from the oil and gas segment and reflecting a major post-tax impairment charge in the previous year.

The profit posted by TAQA is more than double of its 2020 net income of $760 million (Dh2.8 billion) and underscores its utilities business along with the uptake in recovery in commodity prices. This year also saw TAQA begin actively executing its 2030 strategy for sustainable growth and returns, the company said in a statement.

Group revenues stood at $12.44 billion, nearly 11 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment, TAQA said.

Adjusted EBITDA was up 23 percent at $5.36 billion, reflecting higher revenues and improved income from associates, partially offset by higher expenses, the company added.

Average production volumes in the company’s oil and gas segment increased to 122.4 thousand barrels of oil equivalent per day (boepd), an increase of four percent driven by higher production in the UK.

“In 2021, TAQA Group outlined an ambitious growth strategy, setting its sights on being the recognised low carbon power and water champion of Abu Dhabi and beyond. TAQA’s strategy put a stake in the ground, showcasing its commitment to decarbonisation and growth with a clear roadmap to 2030,” Mohamed Hassan Alsuwaidi, TAQA's Chairman, said in a statement.

The company has proposed a final cash dividend of $330 million (1.1 fils per share) for the fourth quarterly dividend payment planned for 2021, TAQA said.