TAQA H1 2021 Results - Energy Transition and Financial Performance
Generation highlights
Continues to be underpinned by UAE contracted power and water generation
Solid operational performance throughout the period
Global technical availability at 92.6% (vs. 93.3% for H1 2020)
Reflects major planned outage within the Jorf Lasfar power complex in Morocco
Robust profitability across the portfolio
Overall generation revenues broadly flat at US$ 1.6 billion (-0.5% H1 y/y) with lower
revenues in Morocco offset by stronger UAE, Ghana and Red Oak performance
Lower operating expenses (-9% H1 y/y) reflected lower pass-through fuel costs in
Morocco
EBITDA of US$ 1.1 billion (+7% H1 y/y)
Net income contribution to the Group of US$ 153 million
. Higher EBITDA, lower finance costs on amortizing project finance debt and higher
associate income from Sohar Aluminium on higher output prices
Capex declined to US$ 36 million (-51% H1 y/y) reflecting higher comparative period spend in
H1 2020 on lifetime extension projects on turbines within our Shuweihat S1 plant
Generation highlights (US$ million)
Global technical availability (%)
H1 2020PF
H1 2021
Revenues
H1 2020PF
H1 2021
EBITDA
93.3%
92.6%
1,617
1,608
H1 2020PF
1,002
62% margin
H1 2021
1,076
67%
Net income (consolidated)
H1 2020PF
92
H1 2021
153
CAPEX
H1 2020PF
74
H1 2021 36
43
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