#AbuDhabi's TAQA Q4 net profit edges higher to $463mln | ZAWYA MENA Edition

Abu Dhabi's TAQA Q4 net profit edges higher to $463mln | ZAWYA MENA Edition

Abu Dhabi National Energy Co. (TAQA) has posted its net profit for the fourth quarter 2021 at 1.7 billion dirhams ($463 million) compared to 1.5 billion dirhams in Q4 2020, mainly on higher oil and gas prices.

Revenue for the period came in at 11.4 billion dirhams versus 10.3 billion dirhams in Q3 2020, the integrated utility company said in a statement on Abu Dhabi Securities Exchange.

Net profit for 2021 was 6 billion dirhams compared with 2.8 billion dirhams in the year-ago period.

The Oil & Gas business generated net profit of 2.2 billion dirhams compared to a loss of 1.5 billion dirhams in the prior year. This improvement of 3.7 billion in net income was mainly due to higher commodity prices in addition to the 1.5 billion dirhams post-tax impairment charge in Q1 2020 negatively impacting prior year results.

Average production volumes in the Oil & Gas segment increased 4 percent to 122.4 thousand barrels of oil equivalent per day, driven by higher production in Europe, in particular the United Kingdom.

Capital expenditure for the year was 4.7 billion, 26 percent higher than prior year, driven by expenditure in the Transmission & Distribution segment.

TAQA's board of directors has proposed a final cash dividend of 1.2 billion dirhams (1.1 fils per share) for the fourth and final quarterly dividend payment for 2021.