#AbuDhabi TAQA's H1 net income jumps by 42% to $790mln | ZAWYA MENA Edition

Abu Dhabi TAQA's H1 net income jumps by 42% to $790mln | ZAWYA MENA Edition

Abu Dhabi’s government-controlled energy holding company TAQA’s net income for H1 2021 soared by 42 percent compared to same time last year, after a significantly higher contribution from the oil and gas segment.

Its net income at AED 2.9 billion ($790 million) was up by AED 2.4 billion from AED 504 million in H1 2020. It was adjusted by AED 1.5 billion for a one-off post tax impairment charge, to make an increase of 42 percent.

The company recorded revenues of AED 22 billion, 11 percent up on the previous year, due to higher commodity prices in the oil and gas segment.

A dividend of AED 618 million or 0.55 fils per share was also announced, the second in the financial year.

Jasim Husain Thabet, CEO and managing director, said: “TAQA has made strong progress on our commitment to stakeholders for 2021. We have delivered two interim dividend payments, refinanced maturing debt at record-low rates, broken ground on what will be the world’s largest single-site solar project, unveiled a 10-year growth strategy and recently signed two MoUs for the development of green hydrogen.”