Abu Dhabi National Energy Company, Taqa, has posted Dh1.4 billion ($382 million) net profit for the third quarter, citing improved economic growth and higher oil prices.
The Abu Dhabi utility giant reported Dh700 million during the same period last year, while the company’s overall revenue climbed 11.3 per cent to Dh12.08 billion during the corresponding period.
Moreover, Taqa’s revenues grew by 11 per cent to Dh34.3 billion during the first nine months of the current year. The group earned Dh4.3 billion net income in the first three quarters compared with Dh3 billion it got in the same period last year.
Taqa chief executive Jasim Husain Thabet said the group showed strong financial performance during the ongoing calendar year, adding that his company also demonstrated its ability to deliver on promises.
Thabet highlighted that the group’s joint venture with Saudi Aramco and Marubeni to develop the Tanajib power and water project showcased Taqa’s progress to generate up to 15 gigawatts of international generation capacity by 2030.
Taqa’s Board of Directors has approved the third quarterly dividend payment planned for the financial year 2021, announcing an interim dividend of Dh618 million (at 0.55 fils per share).
The utility giant has also decreased its debt levels to Dh68.3 billion from Dh76 billion at the end of last year.