Abu Dhabi – Mubasher: The unaudited consolidated interims financials of Abu Dhabi National Energy Company (TAQA) reported net profits attributable to the equity holders of AED 2.856 billion during the first half (H1) of 2021, compared to AED 1.467 billion in the year-ago period.
The rise in net profits is attributed to higher contribution from the oil and gas segment and the fact that the first quarter (Q1) of 2020 included an AED 1.5 billion post-tax impairment charge, according to a press release on Wednesday.
The company's revenues jumped by 11% to AED 22.191 billion in H1-21 from AED 2.818 billion in the same period of 2020.
The earnings before interest, tax, depreciation, and amortisation (EBITDA) recorded AED 9.9 billion in H1-21, up 19% year-on-year (YoY).
The basic and diluted earnings per share (EPS) settled at AED 0.03 in the January-June period of 2021, versus AED 0.02 in the corresponding period of 2020.
In addition, TAQA’s board also declared an interim cash dividend of AED 618 million (0.55 fils per share), which will be the second quarterly dividend payment for the financial year of 2021.
TAQA’s Group CEO and Managing Director, Jasim Husain Thabet, said: "TAQA Group’s strong financial performance for the first half of the year demonstrates our strength and scale as a fully integrated utilities company with a global footprint and a diverse portfolio of operations."
Thabet added: "Against the backdrop of favorable market conditions, we continue to adopt a prudent financial policy, which saw us fully repay our corporate credit facilities this quarter and increase available liquidity."
It is noteworthy to mention that in the first quarter (Q1) of 2021, the company achieved net profits attributable to the equity holders of AED 1.435 billion, as per the proforma interim consolidated financials.
