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TAQA records AED 11.57bn profits to shareholders in Q1-23; dividends unveiled

TAQA records AED 11.57bn profits to shareholders in Q1-23; dividends unveiled
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TAQA
TAQA
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Abu Dhabi – Mubasher: The net profits attributable to the owners of Abu Dhabi National Energy Company (TAQA) hit AED 11.57 billion in the first quarter (Q1) of 2023.

The recorded net profits were higher than AED 1.97 billion in Q1-22, mainly backed by a one-off gain recognised on the acquisition of a 5% stake in ADNOC Gas.

Basic and diluted earnings per share (EPS) attributable to the equityholders jumped to AED 0.10 in Q1-23 from AED 0.02 during January-March 2022, according to the interim consolidated income statements.

The revenues stood at AED 13.13 billion in the first three months (3M) of 2023, an annual growth of 6% from AED 12.41 billion.

Total assets enlarged to AED 190.71 billion in Q1-23 from AED 181.50 billion as of 31 December 2022.

Jasim Husain Thabet, Group CEO and Managing Director of TAQA, commented: “On the growth front, we started the year by expanding our stake in Taweelah B IWPP and further strengthened our capabilities by expanding into the plant’s operations and maintenance, a key growth area for our business.”

“We partnered with Engie to develop the Mirfa 2 RO plant, which will deliver 120 [million imperial gallons per day] MIGD of desalinated water. This plant is another important step in expanding energy-efficient RO technology in our desalination fleet as we promised,” Thabet added.

Dividends

The board members of TAQA greenlighted the payment of an interim cash dividend amounting to 0.65 fils per share for Q1-23.

Ex-dividend and distribution dates will be 19 and 30 May 2023, respectively.

The CEO highlighted: “In addition, shareholders approved a new dividend policy for 2023–2025 which is based on a combination of fixed and variable dividends and will offer attractive returns to our shareholders and is in line with our evolving business model.”

Last year, the UAE group logged net profits attributable to the owners valued at AED 8.03 billion, versus AED 5.96 billion in 2021.