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Abu Dhabi energy major earns $3.2 billion on Adnoc stake increase

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Abu Dhabi National Energy Company (Taqa) posted a net profit of AED11.6 billion ($3.16 billion) in the first quarter, a nearly six-fold increase from AED1.97 billion in the same period last year.

Taqa’s revenue rose about 6 percent to AED13.14 billion in the first quarter, helped by higher tariffs on bulk supplies and transmission charges.

The Abu Dhabi-listed company has interests in a number of utility and energy assets, including upstream and midstream assets, in the Middle East, Africa, Europe and North America.

The increase in the company’s net profit was due to a one-time gain from the purchase of a 5% minority stake in Adnoc Gas.

Adnoc Gas was listed on the Abu Dhabi Stock Exchange in the first quarter of this year and is an important financial asset of Taqa.

Taqa added that, based on Adnoc Gas’ declared dividend policy, it expects to receive dividends worth AED298 million this year, increasing to AED611 million by 2024.

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Chief executive Jasim Husain Thabet said Taqa had “delivered positive results in the first quarter of 2023, with our new stake in Adnoc Gas boosting our net income significantly” .

“Additionally, the company has made great strides in delivering on our growth strategy as well as solid financial performance,” he added.

Thabet said Taqa’s shareholders had “approved a new dividend policy for 2023-2025 based on a mix of fixed and variable dividends” and would provide attractive returns to its shareholders.

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