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TAQA sees 37% higher profits in Q1-22; dividends proposed

TAQA sees 37% higher profits in Q1-22; dividends proposed
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Abu Dhabi – Mubasher: The net profits attributable to the equity holders of Abu Dhabi National Energy Company (TAQA) increased by 37% to AED 1.97 billion in the first quarter (Q1) of 2022 from AED 1.43 billion in the year-ago period, according to the company's unaudited consolidated financials for the three-month period ended 31 March 2022.

The company generated revenues of AED 12.41 billion in Q1-22, up 20% year-on-year (YoY) from AED 10.32 billion.

The adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 20% to AED 5.61 billion in Q1-22 from AED 4.69 billion in Q1-21.

The basic and diluted earnings per share (EPS) settled at AED 0.03 in the first three months (3M) of 2022, against AED 0.01 in the same period of the earlier year.

Meanwhile, the company's board has approved an interim cash dividend of 0.60 fils per share or around AED 675 million for Q1-22.