Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in the region, reported consolidated financial results for the three months ended March 31, 2022. 

TAQA delivered strong performance underpinned by its stable regulated and contracted utilities businesses and boosted by higher commodity prices. Highlights for the period include:

Financial highlights:

• Group revenues of AED 12.4 billion, 20% higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment.
• Adjusted EBITDA was AED 5.6 billion, up 20%, mainly reflecting higher revenues as well as improved income from associates, partially offset by higher expenses.
• Net income (TAQA-share) was AED 2.0 billion, 37% higher than the prior-year period, with greater contribution from the Oil & Gas segment. 
• Capital expenditure was AED 868 million, 31% lower than the prior-year period, mainly driven by lower expenditure in the Transmission & Distribution segment.
• Free cash flows of AED 3.3 billion, 5% lower than the same period last year, maintaining significant liquidity (AED 19.3 billion in cash and cash equivalents and undrawn corporate credit facilities).
• Gross debt of AED 63.9 billion, down from AED 65.0 billion at the end of 2021, further improving the Group’s credit metrics.

Operational highlights:

• Transmission network availability for power and water of 98.0%, flat to the prior-year period. 
• Generation global technical availability of 84.0%, lower compared to 88.7% from the prior-year period, mainly due to planned and unplanned maintenance within the UAE fleet. 
• Oil and gas average production volumes increased to 126.9 thousand barrels of oil equivalent per day (boepd), an increase of 5%, driven by higher production in Europe. 

Upon approval of the financial results, TAQA’s Board of Directors also declared a first interim cash dividend for the year of AED 675 million (0.60 fils per share), in line with the Company’s dividend policy. 

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented: “TAQA’s solid financial results for the first quarter of 2022 demonstrate the value of our agile and robust business model, and more importantly, provide an excellent foundation for our strategic growth plans. 

We started the year by issuing a green bond linked to our first solar PV plant, which was oversubscribed by international investors. The bond is listed on the London Stock Exchange with a secondary listing on the ADX. In the UAE, we announced a partnership with Etisalat Digital to enhance digital capabilities and customer experience for our power and water customers across Abu Dhabi, as well as expressing an interest to acquire EGA’s power generation assets to boost TAQA’s UAE capacity.

The current market conditions further advance our positioning to actively pursue organic and inorganic growth opportunities in the UAE and abroad and make the TAQA a competitive investor that is agile and able to swiftly execute.” 

The full set of financial disclosures can be found within the Investor Relations section on TAQA’s website.