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Abu Dhabi National Energy Company(Taqa), one of the largest listed integrated utilities in the region, reported net income of AED1.4 billion ($380 million) for the first quarter of 2021. ....
Taqa posts Dh1.4b in Q1 net profit; declares interim dividend Taqa Group announced a new 2030 strategy for sustainable and profitable growth. The group’s earnings before Ebitda was Dh4.7 billion, up 12 per cent, mainly reflecting higher revenues, lower operating expenses and higher income from associates. Abu Dhabi National Energy Company (Taqa) reported on Wednesday a net income of Dh1.4 billion for the quarter, boosted by improved commodity prices in the oil and gas segment. The leading integrated utilities company, which had reported a loss of Dh548 million in the year-earlier period, said its group revenues rose 3.0 per cent to Dh10.3 billion reflecting a recovery from softer economic conditions “underpinned by its stable contracted and regulated utilities businesses.” ....
The company declared an interim cash dividend of Dh618m for the first quarter. Taqa s earnings before interest, tax, depreciation and amortisation rose 12 per cent, due to higher revenue, lower operating expenses and higher income from associates. Taqa, which also operates oil and gas assets, reached average production volumes of 120 million barrels of oil equivalent per day, supported by higher production in Europe. On Sunday, the company raised $1.5bn through a dual-tranche bond issue to fund its low-carbon growth plans and buy back some of its outstanding corporate bonds. In 2021, we hit the ground running with our recent bond issuance which received strong endorsement from investors around the world, showcasing Taqa s investment attractiveness and our commitment to delivering on our strategy, said Mr Thabet. ....
Taqa reports Dhs10.3 billion revenue in the first quarter 05 May 2021 Taqa delivered strong performance underpinned by its stable contracted and regulated utilities businesses. Abu Dhabi National Energy Company (Taqa), one of the largest listed integrated utilities in the region, reported consolidated financial results for the period ended March 31, 2021. Taqa delivered strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020. The firm posts revenue of Dhs10.3 billion, 3 per cent higher than the prior period, primarily due to higher commodity prices within the Oil & Gas segment. ....