TAQA, an energy company controlled by Abu Dhabi’s government, took off its H1 2021 net income by 42% compared to the same year.
Recently, TAQA CEO and Managing Director, Jasim Husain Thabet, and the CEO of Emirates Steel, Engineer Saeed Ghumran Al Remeithi signed a Memorandum of Understanding (MoU) to develop a large-scale green hydrogen project enabling the first green steel produced in the MENA region.
In H1 2020, the company’s net income at AED 2.9 billion ($790 million) which is up by AED 2.4 billion from AED 504 million. It was adjusted by AED 1.5 billion for a one-off post-tax impairment charge, to take a hike of 42%.
Due to the rise in prices of commodities in the oil and gas segment at AED 22 billion (11% high from the last year)
Jasim Husain Thabet, said, “TAQA has made strong progress on our commitment to stakeholders for 2021. We have delivered two interim dividend payments, refinanced maturing debt at record-low rates, broken ground on what will be the world’s largest single-site solar project unveiled a 10-year growth strategy, and recently signed two MoUs for the development of green hydrogen.”
Al Dhafra project (the world’s largest single-site solar project) was disclosed in 2020 end will produce power for 160,000 homes of 2GW using 4 million solar panels.
TAQA’s capital expenditure of H1 was 3% lower than last year at AED2.0 billion.
“Against the backdrop of favorable market conditions, we continue to adopt a prudent financial policy, which saw us fully repay our corporate credit facilities this quarter and increase available liquidity. We also continue to focus on achieving operational efficiencies within our utility business and progressing our growth strategy to become a low carbon power and water champion, he added”