HomeEnergy & SustainabilityUAE’s TAQA reports AED 6.51 bn net profits in 9 months
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November 14, 2022 5:52 pm

UAE’s TAQA reports AED 6.51 bn net profits in 9 months

On high energy prices
TAQA
Abu Dhabi TAQA’s profit jumps 59%

The net profits attributable to the shareholders of Abu Dhabi National Energy Company (TAQA) reached 6.51 billion dirhams ($1.77 billion) in the first nine months of 2022, versus 4.25 billion dirhams in 2021. High energy prices t boosted revenues.

Revenues amounted to 38.66 billion dirhams in January-September 2022, higher by 14% than 34.04 billion dirhams during the same period in the previous year, according to the company‘s income statements.

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During the third quarter (Q3) of 2022, TAQA generated 2.23 billion dirhams in net profits attributable to the owners, compared to 1.40 billion dirhams in the year-ago period.

The result was in line with the analysts’ mean estimate of 2.33 billion dirhams, according to data provider Refinitiv.

The revenues jumped to 13.69 billion dirhams in Q3-22 from 11.98 billion dirhams in Q3-21.