Abu Dhabi, (Business News Report)|| The profits of the Abu Dhabi National Energy Company (TAQA) have increased during the past year, supported by the rise in oil prices.
TAQA managed to reduce its debt, thanks to the rise in oil and gas prices.
According to a statement, the profits of TAQA for the full year amounted to 5.9 billion dirhams. This is an increase of 114% over the year 2020. The profits for the last quarter of the previous year increased by 11.6%, the company said.
Oil prices consolidated their gains by about 25% over the past year, bringing Brent crude to $90 a barrel. Prices are still hovering around that level so far.
This rise contributed to supporting the liquidity and budgets of energy companies, especially in the Gulf region, which helped increase capital spending and pay off some debts.
Over the past year, TAQA managed to reduce the total debt by 14.6% to 64.9 billion dirhams. This helps improving its credit position. It also increased capital spending by about a quarter from the previous year.
TAQA’s total revenues increased to 45.7 billion dirhams in 2021, an increase of 11% over the previous year.
The total revenue for the fourth quarter rose to 11.4 billion dirhams, an increase of 10.5% over the previous year. As well as, capital spending increased by 26% to 4.7 billion dirhams.
In a related context, the Board of Directors of TAQA recommended the distribution of cash dividends to shareholders at the rate of 1.1 fils/share) of the capital for the fourth quarter of 2021.
The profits of the Abu Dhabi National Energy Company, on August 11, 2021, increased by 484 percent by the end of the first half of 2021.
The company also indicated that profits amounted to 2.85 billion dirhams, compared to profits of 489 million dirhams during the same period in 2020.
In a separate context, Sheikh Hamdan bin Zayed Al Nahyan, representative of the ruler of Abu Dhabi in the Al Dhafra region, said that the UAE is continuing to strengthen the infrastructure of the energy and industry sector and progress towards diversifying the economy and building a stable and prosperous future for future generations.
