Abu Dhabi-based utility TAQA posted revenue of Dh 25.42 billion in the first six months of 2022, up from Dh 22.19 billion a year ago. This generated a profit of Dh 4.2 billion compared to his Dh 2.92 billion last year.
In line with its quarterly dividend policy, TAQA will issue Dh675 million as second interim one for the year (at 0.6 fils a share). It’s been a busy deal-making time for the company, which joined ADNOC in becoming a shareholder in Masdar City alongside Mubadala.
“Highlights for the first-half include the issue of our first green bond linked to Noor Abu Dhabi for international investors and launched our second sustainability report with interim emissions targets for 2030 to be articulated later this year,” said Jasim Husain Thabet, TAQA’s Group CEO and Managing Director. “We announced that we expect to acquire a stake in EGA’s (Emirates Global Aluminium) power assets, increasing our UAE-based capacity to more than 22GW, in line with TAQA’s growth strategy to increase domestic capacity to 30GW by 2030.”
Unsurprisingly, TAQA could call in a greater contribution from its oil and gas-related operations, against a backdrop of higher energy prices. There were other telling factors too.
On the capex side, the H1-2022 total is 10 percent lower at Dh1.8 billion than in the last year, ‘mainly driven by lower expenditure in the transmission and distribution segment’.
The free cash flow is Dh8.3 billion, which is 11 percent higher than the same period last year, thus helping to maintain ‘significant liquidity (Dh22.3 billion in cash and cash equivalents and undrawn corporate credit facilities).
TAQA is building good momentum on the renewable energy side. TAQA Group Chairman Mohammed Hassan Alsuwaidi said: “The Mubadala, ADNOC and TAQA transaction will be a global clean energy powerhouse that will bring together renewable energy and green hydrogen initiatives under a single brand, further accelerating TAQA’s growth trajectory”.
