Abu Dhabi - Mubasher: Abu Dhabi National Energy Company (TAQA) has acquired a 5% shareholding in ADNOC Gas’ total issued share capital, according to a press release.

The stake acquisition aligned with the long-standing strategic partnership between the two entities which aim to boost the energy transition in the UAE.

TAQA and ADNOC Gas are joining forces to strengthen renewable energy and secure other low-carbon solutions. In this regard, they developed additional gas that can be used for local manufacturing and export.

Last year, the net profits attributable to the owners of TAQA widened to AED 8.03 billion from AED 5.96 billion in 2021.

Meanwhile, the revenues increased by 10.30% year-on-year (YoY) to AED 49.96 billion in 2022, compared to AED 45.29 billion.

Basic and diluted earnings per share (EPS) attributable to the shareholders from continuing operations stood at AED 0.07 during the January-December 2022 period, up from AED 0.05 a year earlier.