The Abu Dhabi National Energy Company (TAQA), which is listed on the Abu Dhabi Stock Exchange (ADX), has released its consolidated financial results for the fiscal year ending June 30, 2022. According to the company’s financial results, it earned 25.4 billion dirhams (approximately $7 billion) in revenue in the first half of the year, a 15 percent increase over the same period the previous year, owing primarily to an increase in the prices of basic commodities in the oil and gas sector.
Earnings before interest, tax, depreciation, and amortization amounted to 11.3 billion dirhams ($ 3.1 billion), a 15 percent increase primarily due to higher revenues offset by a partial increase in expenses.
Net income (TAQA’s share) increased by 50 percent to 4.3 billion dirhams ($1.2 billion) compared to the same period the previous year, with the oil and gas sector contributing significantly more.
The value of capital expenditure was 1.8 billion dirhams, a 10 percent decrease from the same period the previous year, owing primarily to lower spending on the transmission and distribution business.
Moreover, TAQA reported free cash flows of 8.3 billion dirhams, up 11 percent from the same period last year, and a high level of cash was maintained (22.3 billion dirhams in cash and cash equivalents and the company’s undrawn credit facilities).
