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TAQA posts higher profits in 9M-23 at AED 15.19bn

TAQA posts higher profits in 9M-23 at AED 15.19bn
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Abu Dhabi – Mubasher: The net profits of Abu Dhabi National Energy Company (TAQA) hit AED 15.19 billion in the first nine months (9M) of 2023, compared to AED 6.57 billion in 9M-22.

Revenues grew to AED 39.54 billion in January-September 2023 from AED 39.42 billion in 9M-22, according to the interim consolidated income statements.

Basic and diluted earnings per share (EPS) attributable to the owners amounted to AED 0.13 in 9M-23, an annual rise from AED 0.06.

As of 30 September 2023, the total assets hiked to AED 195.01 billion from AED 181.50 billion as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, TAQA witnessed lower net profits at AED 1.65 billion, compared to AED 2.33 billion in Q3-22.

Revenues plunged to AED 3.20 billion in Q3-23 from AED 4.06 billion a year earlier, while the EPS declined to AED 0.01 from AED 0.02.

Jasim Husain Thabet, Group CEO of TAQA, commented: “In 9M-23, TAQA remained unwavering in its commitment to creating long-term shareholder value, delivering a steady performance on the back of strong returns from the group’s utility business despite headwinds caused by fluctuations in commodity prices and the enforced shutdown of our production in Iraq.”

“During Q3-23, we reached financial close on a $2.20 billion (AED 8.30 billion) sustainable water supply project in collaboration with ADNOC as TAQA continues to be a partner of choice for industrial players and their decarbonisation ambitions towards net zero,” Thabet added.

In the first half (H1) of 2023, TAQA registered net profits after tax valued at AED 13.53 billion, compared to AED 4.24 billion in H1-22.