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Taqa energy company doubles earnings in 2023

Crude oil drips from a well Taqa Kurdistan oil Reuters
Capital expenditure stood at AED5.1 billion for 2023, 34 percent higher year on year

Abu Dhabi National Energy Company’s (Taqa) net income more than doubled to AED17 billion ($4.6 billion) in 2023.

The higher income was driven by a one-off gain of AED10.8 billion recognised on the acquisition of a five percent shareholding in Adnoc Gas. However, it was offset in part by a one-off AED1.1 billion deferred tax liability associated with the introduction of UAE corporate income tax from January 1, 2024.  

Total revenue climbed 3 percent to AED52 billion last year.

Capital expenditure stood at AED5 billion for 2023, a third higher year on year, driven by strong project execution in the transmission and distribution business. 

Free cash flow generation remained stable annually at AED14 billion.

Gross debt fell to AED61 billion, marginally lower than the amount outstanding at the end of 2022. 

Taqa’s board also proposed a final cash dividend of AED2.2 billion. This will be the fourth and final dividend payment planned for 2023, bringing total dividends to AED4.4 billion.

The company has earmarked an investment worth AED75 billion into power and water capacity expansion and UAE-based transmission and distribution networks by 2030.

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