TAQA Group reports net income of AED6.0 billion in 2021

TAQA Group reports net income of AED6.0 billion in 2021

WAM: Abu Dhabi National Energy Company (TAQA) on Friday reported consolidated financial results for the year ended 31st December 2021 with net income (TAQA-share) of AED6.0 billion, an increase of AED3.2 billion, thanks to greater contribution from the Oil & Gas segment and reflecting the AED1.5-billion post-tax impairment charge in the previous year.

The Group revenues of AED45.7 billion, 11 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment, according to a TAQA press release on Friday.

Adjusted EBITDA was AED19.7 billion, up 23 percent, mainly reflecting higher revenues and improved income from associates, partially offset by higher expenses.

The capital expenditure was AED4.7 billion, 26 percent higher than the prior year, driven by expenditure in Transmission & Distribution, the Group’s largest segment.