TAQA Group reports net income of AED1.4 bn for Q1’21

ABU DHABI, Abu Dhabi National Energy Company PJSC (TAQA, the Company or the Group), one of the largest listed integrated utilities in the region, reported AED10.3 billion for Q1’21, , 3% higher than prior period, primarily due to higher commodity prices within the Oil & Gas segment This came as the company announced its consolidated financial results for the period ended March 31, 2021, today.

TAQA delivered strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020.

According to the company’s statement, its Net income (TAQA-share) was AED 1.4 billion, an increase of around AED 2 billion, owing to significantly higher contribution from the Oil & Gas segment and the fact that Q1 2020 included an AED1.5 billion post-tax impairment charge.

Capital expenditure was AED 1.3 billion, an increase of 18% as a result of lower spend in 2020 as projects were delayed or postponed at the onset of the COVID-19 global pandemic.

Upon approving the period’s financial results, TAQA’s Board of Directors also declared an interim cash dividend of AED 618 million (0.55 fils per share). This will be the first of four quarterly dividend payments planned for the financial year of 2021, in line with the Company’s declared dividend policy.

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented: “TAQA Group has closed out a strong first quarter demonstrating our resilience, which is underpinned by our financial and strategic scale as a fully integrated utilities company. Driven by our newly articulated strategy, which lays the foundation for sustainable and profitable growth, TAQA will continue to build on our financial strength. In 2021, we hit the ground running with our recent bond issuance which received strong endorsement from investors around the world, showcasing TAQA’s investment attractiveness and our commitment to delivering on our strategy.

“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. 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.”

In March, TAQA Group announced a new 2030 strategy for sustainable and profitable growth, prioritizing the global acceleration of the energy transition and the company’s ambition to become a champion for low carbon power and water.

Highlights from the strategy include focusing on renewable energy – particularly solar photovoltaic (PV) technology to comprise more than 30% of its power generation and boosting highly-efficient RO technology to two-thirds of its desalination portfolio. This includes work already underway such as the soon-to-commence construction of the world’s largest single-site solar PV plant in Al Dhafra as well as the Taweelah Reverse Osmosis plant.

It has also committed to investing an additional AED 40 billion to grow its UAE Regulated Asset Base. The company plans to focus on commercially viable opportunities to reduce exposure to the hydrocarbon sector and will publish its first sustainability report in 2021.

Source: Emirates News Agency

International Holding Company reports AED1.5 bn Q1’21 net profit

ABU DHABI, International Holding Company (IHC) has reported AED1.5 billion net profit in the first quarter of 2021 fuelled by major contributions from its industrials and capital verticals.

The company posted its results for Q1 2021 with revenues standing at AED2.276 billion, up from Dh1.563 billion in Q1 2020. The significant improvement in net profit in absolute and percentage terms was mainly due to improved business performance and profits attributable to acquisitions and investments completed in the second half of 2020.

IHC’s total assets stood at AED19.7 billion as at March 31, 2021, compared to AED14 billion as at December 31, 2020.

Syed Basar Shueb, IHC’s Chief Executive Officer and MD, said: “Our first quarter financials were principally driven by our Industrials and Capital verticals, which provided the main thrust of our revenues. We recorded Dh2.3 billion in revenue, and importantly these results highlight our ability to grow our operations despite the economic challenges and to acquire the right businesses that add genuine value and bring synergies to our conglomerate.”

Source: Emirates News Agency

UAE announces 1,724 new COVID-19 cases, 1,682 recoveries, 3 deaths in last 24 hours

ABU DHABI, The Ministry of Health and Prevention (MoHAP) announced that it conducted 196,777 additional COVID-19 tests over the past 24 hours, using state-of-the-art medical testing equipment.

In a statement on Thursday, the Ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment.

As part of its intensified testing campaign, MoHAP announced 1,724 new coronavirus cases, bringing the total number of recorded cases in the UAE to 530,944.

According to the Ministry, the infected individuals are from various nationalities, are in a stable condition, and receiving the necessary care.

MoHAP also announced three deaths due to COVID-19 complications, bringing the total number of deaths in the country to 1,604.

The Ministry expressed its sincere condolences to the family of the deceased and wished COVID-19 patients a speedy and full recovery. It called on all members of the society to cooperate with health authorities, adhere to the instructions and physical distance to ensure the health and safety of all.

MoHAP also noted that an additional 1,682 individuals had fully recovered from COVID-19, bringing the total number of recoveries to 511,340.

Source: Emirates News Agency

OPEC daily basket price stood at $65.09 a barrel Monday

VIENNA, The price of OPEC basket of thirteen crudes stood at $65.09 a barrel on Monday, 3rd May, compared with $65.42 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

 

Source: Emirates News Agency

UAE announces 1,699 new COVID-19 cases, 1,686 recoveries, 2 deaths in last 24 hours

ABU DHABI, The Ministry of Health and Prevention, MoHAP, announced that it conducted 179,453 additional COVID-19 tests over the past 24 hours, using state-of-the-art medical testing equipment.

In a statement, the Ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment. As part of its intensified testing campaign, MoHAP announced 1,699 new coronavirus cases, bringing the total number of recorded cases in the UAE to 527,266.

According to the Ministry, the infected individuals are from various nationalities, are in a stable condition, and receiving the necessary care.

MoHAP also announced 2 deaths due to COVID-19 complications, bringing the total number of deaths in the country to 1,598.

The Ministry expressed its sincere condolences to the family of the deceased and wished COVID-19 patients a speedy and full recovery. It called on all members of the society to cooperate with health authorities, adhere to the instructions and physical distance to ensure the health and safety of all.

MoHAP also noted that an additional 1,686 individuals had fully recovered from COVID-19, bringing the total number of recoveries to 507,706.

 

Source: Emirates News Agency

Eid al-Fitr holiday for private sector starts Ramadan 29 till Shawwal 3

ABU DHABI, The Ministry of Human Resources and Emiratisation today announced that the Eid al-Fitr paid holiday for the private sector will be from 29th Ramadan until 3rd Shawwal.

This came in a circular issued by Nasser bin Thani Al Hamli, Minister of Human Resources and Emiratisation, in implementation of the UAE cabinet’s decision on the official holidays approved for the years 2020/2021.

 

Source: Emirates News Agency