{"id":77438,"date":"2023-05-16T00:35:32","date_gmt":"2023-05-16T00:35:32","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/05\/16\/taqa-groups-1q-2023-net-income-jumps-on-back-of-5-acquisition-in-adnoc-gas\/"},"modified":"2023-05-16T00:35:32","modified_gmt":"2023-05-16T00:35:32","slug":"taqa-groups-1q-2023-net-income-jumps-on-back-of-5-acquisition-in-adnoc-gas","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/05\/16\/taqa-groups-1q-2023-net-income-jumps-on-back-of-5-acquisition-in-adnoc-gas\/","title":{"rendered":"Taqa Group\u2019s 1Q 2023 net income jumps on back of 5% acquisition in Adnoc Gas"},"content":{"rendered":"

<\/a> One-off transactions boost Taqa Group\u2019s 1Q net income: <\/strong>The UAE\u2019s Taqa Group (Taqa) reported a 480% y-o-y rise in net income in 1Q 2023 to AED 11.6 bn, driven by a one-off gain from acquiring a 5% stake in Adnoc Gas, its earnings release (pdf)<\/a> showed. Revenues were up by 6% y-o-y during the first three months of the year to AED 13.1 bn.<\/p>\n

New UAE income tax capped Taqa\u2019s gain from acquisition:<\/strong> The 5% acquisition in Adnoc Gas was partially offset by a one-off AED 1.2 bn deferred tax liability \u2014 part of a new UAE corporate income tax introduced 1 January 2024. Without the new share purchase and deferred tax liability, Taqa\u2019s net income would stand at AED 1.9 bn \u2014 in line with last year\u2019s figures.<\/p>\n

Drivers behind revenue gain:<\/strong> Taqa\u2019s increase in revenues was primarily due to \u201chigher pass-through bulk supply tariffs<\/a>,\u201d or in other words, the price that the company sets for selling its upstream bulk supplies \u2014such as electricity or gas\u2014 to downstream distribution companies.<\/p>\n

Green highlights from 1Q 2023:<\/strong> Taqa saw an 8% reduction in greenhouse gas emissions in 2022, which puts it \u201cfirmly on track to achieve its 2030 targets,\u201d according to the statement. Taqa and Adnoc Distribution partnered in January<\/a> to establish a mobility joint venture, E2GO, to build and operate EV charging infrastructure in Abu Dhabi. The company also recently raised an aggregate USD 1.5 bn in its dual-tranche green bond issuance<\/a> last month, which was 10x oversubscribed.<\/p>\n","protected":false},"excerpt":{"rendered":"

One-off transactions boost Taqa Group\u2019s 1Q net income: The UAE\u2019s Taqa Group (Taqa) reported a 480% y-o-y rise in net income in 1Q 2023 to AED 11.6 bn, driven by a one-off gain from acquiring a 5% stake in Adnoc Gas, its earnings release (pdf) showed. Revenues were up by 6% y-o-y during the first […]<\/p>\n","protected":false},"author":1,"featured_media":77439,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[105,11,281,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseclimate","tag-taqa","tag-uae","wpautop","entry"],"acf":{"mongo_id":"8e381970-0e9e-49d2-9226-a9b25983f5e8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/2423.jpg","photo_position":"above","related_issue":[77428],"teaser":"","voice_url":""},"yoast_head":"\nTaqa Group\u2019s 1Q 2023 net income jumps on back of 5% acquisition in Adnoc Gas - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/05\/16\/taqa-groups-1q-2023-net-income-jumps-on-back-of-5-acquisition-in-adnoc-gas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taqa Group\u2019s 1Q 2023 net income jumps on back of 5% acquisition in Adnoc Gas\" \/>\n<meta property=\"og:description\" content=\"One-off transactions boost Taqa Group\u2019s 1Q net income: The UAE\u2019s Taqa Group (Taqa) reported a 480% y-o-y rise in net income in 1Q 2023 to AED 11.6 bn, driven by a one-off gain from acquiring a 5% stake in Adnoc Gas, its earnings release (pdf) showed. 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