TIDM69TM
RNS Number : 8712P
Abu Dhabi National Energy Co PJSC
22 February 2021
FOR IMMEDIATE RELEASE:
TAQA Group Reports Full Year 2020
Net Income of AED 2.8 Billion
Pro-forma consolidated financial results highlight TAQA's
enhanced financial strength following transaction with Abu Dhabi
Power Corporation
Proposed total cash dividend of AED 2.8 billion, delivering on
new quarterly dividend policy
Abu Dhabi, UAE - February 22, 2021 : Abu Dhabi National Energy
Company PJSC ("TAQA", the "Company" or the "Group"), one of the
largest listed integrated utilities in the region, has reported
pro-forma consolidated financial results for the year ended
December 31, 2020. The results incorporate the full year
performance of the substantial assets transferred by Abu Dhabi
Power Corporation (ADPower) to TAQA on July 1, 2020.
TAQA continued to deliver a resilient performance amid
unprecedented economic conditions. The results were underpinned by
stable contracted and regulated utilities businesses, and included
the following highlights:
Financial highlights:
-- Group revenues of AED 41.2 billion, 6% lower than the
prior-year period, primarily due to lower commodity prices and
production volumes within the Oil & Gas segment.
-- EBITDA was AED 16.0 billion, down 13%, reflecting lower
revenues that were partially offset by lower expenses.
-- Net income (TAQA-share) decreased to AED 2.8 billion, which
reflected a significantly lower contribution from the Oil & Gas
segment that was impacted by a AED 1.5 billion post-tax impairment
charge taken in Q1 2020.
-- Capital expenditure was AED 4.0 billion, a decrease of 19%
primarily due to lower spending in the Oil & Gas segment.
Operational highlights:
-- Generation global technical availability of 93.9% was consistent with the prior period.
-- Oil & Gas average production volumes were 118.0 mboepd, a
5% decrease on delayed drilling campaigns.
-- Construction is underway for low carbon power and water
generation projects in the UAE with a combined capacity of 4.4 GW
and 200 MIGD.
In addition to approving TAQA Group's financial results, the
Board of Directors proposed a final cash dividend of AED 1.1
billion (1.00 fils per share). Together with the AED 1.7 billion
(1.50 fils per share) paid in December, this brings the total cash
dividend for the year to AED 2.8 billion (2.50 fils per share) and
delivers on the dividend policy recently approved by shareholders.
This proposal will be submitted to the Company's shareholders for
approval at the Annual General Assembly, expected to take place on
18 March 2021 pending regulatory approvals. If approved, payment of
the final cash dividend of 1.00 fils per share will take place in
April 2021.
Following the Company's Board meeting, H.E. Mohamed Hassan Al
Suwaidi, TAQA's Chairman, commented: "2020 was a year of
significant market disruption caused by the COVID-19 pandemic. Yet
despite this challenging context, 2020 was a year of great
progress, change and achievement for TAQA. In July we successfully
brought Abu Dhabi's water and power assets under a new TAQA
management team. We are now well placed to grow using our robust
balance sheet, strong cash flow and our position as one of the
largest fully integrated utilities companies in the EMEA region. In
addition to this, we delivered on a major promise made to our
shareholders to provide sustainable and attractive returns, which
we are delivering through our new dividend policy. Completion of
the transaction was the start of the integration work that will
unlock the long-term potential of the business. We have made great
progress and I look forward to building on our success during
2021."
Jasim Husain Thabet, TAQA's Group Chief Executive Officer and
Managing Director , commented: "TAQA has carved out a new place in
the market during an extraordinarily tough year. These financial
results demonstrate the strong platform for growth that we have
created through our landmark transaction with ADPower. I am
extremely proud of our employees who, in the face of the pandemic,
have kept our customers supplied with the power and water that is
so fundamental to all of our lives. Beyond that we have made great
progress with our operational improvements and in laying
foundations for our future ambitions.
Among our operational successes during 2020, we ran the business
more efficiently and we also achieved some key milestones,
including the financial close of two ground-breaking projects: the
Fujairah F3 and the Al Dhafra Solar PV plants.
Fujairah F3, now under construction, will be the UAE's largest
independent gas-fired power plant, and the Al Dhafra project will
be the world's largest single-site plant of its kind setting a new
frontier for low-cost solar power with a tariff of USD 1.32
cents/kWh (AED 4.85 fils/kWh). We have also progressed on the
construction of another ground-breaking project - the world's
largest reverse osmosis desalination project at Taweelah..
As we look ahead to 2021 and beyond we will build on this
progress and take the opportunities that exist to grow our
footprint whilst serving the communities in which we operate."
The full year 2020 earnings announcement can be found in the
Investor Relations section of our website, or by following this
link .
http://www.rns-pdf.londonstockexchange.com/rns/8712P_1-2021-2-22.pdf
Note to Editors
The financial and operational information referenced in this
press release has been prepared on a pro-forma basis, as if the
transaction between TAQA and ADPower took place on January 1, 2019.
This enables like-for-like comparability with prior year
periods.
# # #
For investor enquiries, please contact: Shadi Salman, CFA (
ir@taqa.com )
For media enquiries, please contact: LeAnne Graves (
media.hq@taqa.com )
About TAQA
Established in 2005, TAQA is a diversified utilities and energy
group headquartered in Abu Dhabi, the capital of the United Arab
Emirates, and listed on the Abu Dhabi Securities Exchange (ADX:
TAQA). TAQA has significant investments in power and water
generation, transmission and distribution assets, as well as
upstream and midstream oil and gas operations. The company's assets
are in the United Arab Emirates as well as Canada, Ghana, India,
Iraq, Morocco, Oman, the Netherlands, Saudi Arabia, the United
Kingdom and the United States. For more information, please visit:
www.taqa.com .
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