Utility firm Abu Dhabi National Energy Company (TAQA) posted a 53% surge in net income Monday to $1.8 billion (AED 6.5 billion) in the first nine months of 2022, compared to the same period a year ago, driven by the soaring oil and gas prices.
The company said group revenues during the period went up 14% to $10.5 billion (AED 38.7 billion) compared to the year-ago period. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 15% to $4.5 billion (AED 16.5 billion), benefiting from strong revenue growth.
Capital expenditure was 28% lower than in the same period a year ago at $681 million (AED 2.5 billion), largely reflecting lower spending in TAQA’s Transmission & Distribution segment. Free cash flow during the period was 13% higher at $3.5 billion (AED 12.8 billion) compared to the same period a year ago, supported by a combination of higher cash generation and lower CAPEX.
TAQA said its cash, cash equivalents, and undrawn corporate credit facilities amounted to $6.7 billion (AED 24.7 billion) at the end of the quarter. Transmission network availability for power and water was 98.6%, compared to 98.3% in the same period last year.
Generation global commercial availability was slightly higher during the nine months to September 30 at 97.8%, compared to the 97.3% figure for the year-ago period. Oil and gas average production volumes were mainly in line with the same period last year at 123,100 barrels of oil equivalent per day.
TAQA’s board also declared an interim cash dividend of $184 million (AED 675 million) or 0.60 fils per share, which will be the third quarterly dividend payment plan for the financial year of 2022.
