TAQA posts high Q1 profits on ADNOC Gas shares

ABU DHABI, May 16, 2023 – Abu Dhabi National Energy Company (TAQA) has posted an almost sixfold increase in profits in Q1 2023, the Emirati state-owned energy and water company announced on Monday.

TAQA reported net income attributable to shareholders of USD 3.16 billion in Q1 2023, up by USD 2.61 billion from the same quarter in 2022.

The company’s group revenues rose 6% in USD 3.57, 6% higher than the same quarter in the previous year.

According to the TAQA, the boost in income is based on strong returns on its utilities and acquiring a 5% stake in ADNOC Gas in the quarter.

ADNOC announced its plans for an IPO of its gas unit ADNOC Gas in February 2023 and raised the offer in the same month.

Under ADNOC Gas’ dividend policy, TAQA is expected to receive dividends of USD 81.1 million in 2023 and USD 166 million in 2024.

TAQA has shares in utilities and energy assets across the Middle East, Africa, Europe and North America.

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