TAQA Group reports net income of AED 1.4 Billion for Q1 2021

Abu Dhabi National Energy Company (TAQA) has reported consolidated financial results for the period ended March 31, 2021.

TAQA delivered strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020.

TAQA reported that revenues hit AED 10.3 billion, 3 percent higher than the prior period, primarily due to higher commodity prices within the Oil & Gas segment.

The company also declared first interim cash dividend for 2021 of AED 618 million for the first three months of the year, delivering on quarterly dividend policy.

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented: “TAQA Group has closed out a strong first quarter demonstrating our resilience, which is underpinned by our financial and strategic scale as a fully integrated utilities company. Driven by our newly articulated strategy, which lays the foundation for sustainable and profitable growth, TAQA will continue to build on our financial strength. In 2021, we hit the ground running with our recent bond issuance which received strong endorsement from investors around the world, showcasing TAQA’s investment attractiveness and our commitment to delivering on our strategy.

“Looking forward, the conditions are more optimistic as we see the demand for utilities and commodities bounce back after the universal challenges brought on from the pandemic. As the market continues its recovery, both in the UAE and abroad, TAQA is well placed to continue on its trajectory for growth as the recognized low carbon power and water champion of Abu Dhabi.”

In March, TAQA Group announced a new 2030 strategy for sustainable and profitable growth, prioritizing the global acceleration of the energy transition and the company’s ambition to become a champion for low carbon power and water.

Highlights from the strategy include focusing on renewable energy – particularly solar photovoltaic (PV) technology to comprise more than 30% of its power generation and boosting highly-efficient RO technology to two-thirds of its desalination portfolio. This includes work already underway such as the soon-to-commence construction of the world’s largest single-site solar PV plant in Al Dhafra as well as the Taweelah Reverse Osmosis plant.

It has also committed to investing an additional AED 40 billion to grow its UAE Regulated Asset Base. The company plans to focus on commercially viable opportunities to reduce exposure to the hydrocarbon sector and will publish its first sustainability report in 2021.