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Taqa Q1 net income surges to $3.16bn on Adnoc Gas stake

Taqa 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.