05/12/2022 | Press release | Distributed by Public on 05/11/2022 23:07
Abu Dhabi, UAE - May 12, 2022: Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in the region, reported consolidated financial results for the three months ended March 31, 2022.
TAQA delivered strong performance underpinned by its stable regulated and contracted utilities businesses and boosted by higher commodity prices. Highlights for the period include:
Financial highlights:
Operational highlights:
Upon approval of the financial results, TAQA's Board of Directors also declared a first interim cash dividend for the year of AED 675 million (0.60 fils per share), in line with the Company's dividend policy.
Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director, commented: "TAQA's solid financial results for the first quarter of 2022 demonstrate the value of our agile and robust business model, and more importantly, provide an excellent foundation for our strategic growth plans.
We started the year by issuing a green bond linked to our first solar PV plant, which was oversubscribed by international investors. The bond is listed on the London Stock Exchange with a secondary listing on the ADX. In the UAE, we announced a partnership with Etisalat Digital to enhance digital capabilities and customer experience for our power and water customers across Abu Dhabi, as well as expressing an interest to acquire EGA's power generation assets to boost TAQA's UAE capacity.
The current market conditions further advance our positioning to actively pursue organic and inorganic growth opportunities in the UAE and abroad and make the TAQA a competitive investor that is agile and able to swiftly execute."