TAQA H1 2021 Results - Energy Transition and Financial Performance
H1 2021 results - summary
Stable utilities businesses boosted by strong operational and financial performance within Oil and Gas
Strong operational performance amidst continuing COVID-19 circumstances
· High technical availability levels maintained for power and water businesses
Oil and gas production up versus prior-year period
Financial performance boosted by a recovery of commodity prices
Revenue of US$ 6.0 billion (+11% H1 y/y)
. EBITDA of US$ 2.7 billion (+19% H1 y/y) reflecting higher revenues, partially offset by
higher expenses and boosted by higher associate income
Net income (TAQA-share) of US$ 778 million for H1 2021
. Driven by higher EBITDA, partially offset by higher DD&A, no impairments and lower
finance costs
Group financial highlights (US$ million)
Revenues
H1 2020PF
H1 2021
EBITDA
H1 2020PF
H1 2021
5,441
6,042
2,262
42% margin
44%
2,689
Net income (TAQA-share)
H1 2020PF
H1 2021
129
778
CAPEX
•
Increase of c.US$ 650 million versus prior year period due to higher contribution from Oil
& Gas and c.US$ 410 million post-tax impairment charge in H1 2020
H1 2020PF
560
Capex of US$ 541 million in H1 2021 (-3% H1 y/y)
Reflects increased spend within Transmission and Distribution offset by lower figures
within Generation and Oil & Gas
Free cash flows¹ were very strong at US$ 2.0 billion for the period
1. Operational cash flows before finance costs less investing cash flows
H1 2021
541
Gross debt
YE 2020
6m 2021
20,696
18,864
34
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