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

Abu Dhabi's Taqa will lead the operation and maintenance of Saudi Arabia's Juranah water reservoir project in Makkah Wam
Abu Dhabi's Taqa will lead the operation and maintenance of Saudi Arabia's Juranah water reservoir project in Makkah

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.

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