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Abu Dhabi National Energy Company (TAQA) reported a 35% rise in its full-year (FY) net profit to AED8 billion ($2.2 billion), boosted by high energy prices and lower depreciation charges.
Group revenue for the period rose more than 10 percent to AED50 billion from a year ago, the energy company said in a statement on the Abu Dhabi Securities Exchange (ADX) on Tuesday.
The energy company, which operates globally from Canada to the United Arab Emirates, increased its oil and gas production to an average of 123,800 barrels of oil equivalent per day (boepd), up 1.1% from 2021.
Oil and gas prices have eased after surging since the start of the year amid supply constraints due to Russia’s invasion of Ukraine, but remain elevated for energy companies. Brent crude futures were last at around $86 a barrel.
Capital expenditure was AED 3.8 billion, 20% lower than the previous year. Total debt was AED 61.7 billion, down from AED 65 billion at the end of 2021.
TAQA Board of Directors proposes a final cash dividend of AED 3.7 billion or (3.3 fils per share) as the fourth and final dividend payment in 2022, bringing the total dividend for the year to AED 5.7 billion)
(Reporting by Brinda Darasha; Editing by Cleofe Maceda)
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