Energy Taqa Q1 net income surges to $3.16bn on Adnoc Gas stake By Pramod Kumar May 15, 2023 Wam Taqa capital expenditure for the six months of 2023 reached AED2.1 billion, 17% higher year on year Abu Dhabi National Energy Company (Taqa) reported a net income of AED11.6 billion ($3.16 billion) in the first quarter of 2023, from AED1.97 billion a year earlier, mainly driven by its five percent stake in Adnoc Gas. Established in 2005, Taqa is a diversified utilities and energy group headquartered in Abu Dhabi. Net income for the quarter, excluding one-off items, stood at AED1.9 billion in line with last year, the company said in a statement to the Abu Dhabi Securities Exchange. Taqa group CEO Jasim Husain Thabet said the group closed a positive first quarter for 2023 with a significant boost to its net income from a new stake in Adnoc Gas. The oil and gas business generated a net income of AED738 million in the first quarter of 2023, a decrease of AED 353 million year-on-year, primarily due to lower commodity prices and production volumes. Average production volumes fell to 119,900 barrels of oil equivalent per day, a decrease of 5.52 percent in 2022 on a natural decline in production and decommissioning activity associated with the group’s late-life UK assets. Meanwhile, the board declared a first interim cash dividend for the year of 0.65 fils per share, or AED731 million, as part of the company’s new dividend policy for 2023–2025, which relies on a combination of fixed and variable dividends.