Taqa, the Abu Dhabi National Energy Company, saw its profit more than double in 2021 because of increasing oil prices. The company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded, that net profit attributable to equity investors for the year increased to nearly Dh6 billion ($1.63 billion), from Dh2.8 billion the previous year.
Oil and gas revenue increased by 78% to Dh7.4 billion, bringing total group revenue up by 11% to Dh46 billion. Last year, capital expenditure climbed by 26% to Dh4.7 billion, compared to 2020, owing to higher spending in transmission and distribution, the group’s largest business sector.
The company’s board suggested a final cash dividend of Dh1.2 billion after the financial results were approved (1.1 fils per share). This will be the fourth and last quarterly dividend payment for the financial year 2021, bringing the year’s total dividends to Dh3.1 billion.
Taqa’s Group Chief Executive and Managing Director, Jasim Husain Thabet, said: “2021 showcased the financial and operational strength of Taqa … we progressed in new areas such as green hydrogen and we achieved key milestones including the first water being produced from the Taweelah Reverse Osmosis plant – that once fully operational will be the largest of its kind in the world.”
“Internationally we also moved forward on our growth plans with signing the Tanajib cogeneration and desalination project in the Kingdom of Saudi Arabia with Saudi Aramco. We also became the partner of choice for decarbonising industries such as Adnoc’s offshore operations which we are linking to the onshore grid enabling power to come from low carbon electricity. This has laid the groundwork for 2022.”
Taqa is set to join Adnoc and Mubadala Investment Firm as a shareholder in Masdar, Abu Dhabi’s clean energy company. It will control a 43% share in Masdar’s renewable energy company if the deal concludes in the coming months, with Mubadala having a 33% stake and Adnoc holding a 24% stake.
Masdar’s green hydrogen company will be owned by Taqa with a 24% stake, Adnoc with a 43% stake, and Mubadala with a 33% stake. Taqa and Emirates Water and Electricity Company raised $700 million in their first green bond earlier this year to diversify their funding sources.
