RIYADH: Abu Dhabi National Energy Company (TAQA) reported first quarter net income of 1.44 billion dirhams ($392 million) as a stronger oil price boosted performance.
It had reported a loss of 548 million dirhams in the year-earlier period. Group revenues rose 3 percent to 10.3 billion dirhams.
Capital expenditure increased 18 percent to 1.3 billion dirhams, but from a low base as projects were delayed or postponed at the onset of the COVID-19 global pandemic.
“Looking forward, the conditions are more optimistic as we see the demand for utilities and commodities bounce back after the universal challenges brought on from the pandemic,” said TAQA CEO Jasim Husain Thabet. “As the market continues its recovery, both in the UAE and abroad, TAQA is well placed to continue on its trajectory for growth as the recognized low carbon power and water champion of Abu Dhabi,” he added.
Global oil companies have reported strong first quarter earnings helped by a stronger oil price that has been propelled by the gradual re-opening of the global economy and resumption of international travel.
Saudi Aramco, the world’s biggest oil company, on Tuesday beat analyst expectations with a profit of $21.7 billion in the first quarter of 2021.
TAQA completes $1.5bn bond saleAbu Dhabi said to weigh sale of $4bn Taqa stake