Taqa’s nine-month net income surges 53% to AED6.5 billion

Abu Dhabi / WAM

Abu Dhabi National Energy Company (Taqa) reported consolidated financial results for the period ended September 30, announcing a net income (Taqa-share) of AED6.5 billion, 53% higher than the prior-year period.
The company also reported group revenues of AED38.7 billion, 14% higher than the prior-year period and Adjusted Ebitda of AED16.5 billion, up 15%, benefiting from strong revenue growth.
Upon approving the period’s financial results, Taqa’s Board of Directors also declared an interim cash dividend of AED675 million (0.60 fils per share). This will be the third quarterly dividend payment planned for the financial year of 2022, in line with the company’s dividend policy.
Jasim Husain Thabet, Taqa’s group Chief Executive Officer and Managing Director, commented, “The first nine-month of 2022 saw Taqa group deliver another set of strong financial results, reflecting strong performance across all our businesses.
“Last year, when Taqa launched its growth strategy for 2030, we committed to becoming a company anchored in Environmental, Social, and Governance (ESG) principles, and we have delivered on this promise by announcing our 2030 ESG strategy, including interim greenhouse gas emissions (GHG) reductions targets.
“Under this strategy, we have committed to a 25% reduction of scope 1 and 2 GHG emissions by 2030 across the group, including a 33% reduction of UAE portfolio emissions compared to the 2019 baseline. This is a commitment to absolute emissions reductions and a credible step towards achieving our net-zero ambitions by 2050.”
Since launching its ESG strategy 2030 just last month, Taqa group has already received a two-grade uplift (from “B” to “BBB”) in its ESG Risk Rating by global organisation – MSCI. This improved rating, which comes as a result of the company’s new ESG strategy and targets, enhanced level of disclosures and 2021 sustainability report, positions Taqa on par with global utility players and ahead of regional peers.