<a href="https://www.thenationalnews.com/business/energy/2024/01/22/taqa-to-sell-its-stake-in-atrush-oilfield-in-iraqs-kurdish-region/" target="_blank">Abu Dhabi National Energy Company</a>, better known as Taqa, said its full-year <a href="https://www.thenationalnews.com/business/energy/2024/01/22/taqa-to-sell-its-stake-in-atrush-oilfield-in-iraqs-kurdish-region/" target="_blank">2023 net profit</a> more than doubled amid strong demand for its transmission and distribution services. <a href="https://www.thenationalnews.com/business/energy/2023/05/22/taqa-signs-agreements-with-uzbekistan-to-explore-power-sector-investments-worth-3bn/" target="_blank">Net income</a> attributable to equity shareholders in the year that ended in December rose 107 per cent on an annual basis to Dh16.65 billion ($4.53 billion), the company said on Wednesday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded. The profit increase was mainly driven by a one-off gain of Dh10.8 billion recognised on the acquisition of a 5 per cent shareholding in Adnoc Gas last year, Taqa said. The company's revenue grew to Dh51.72 billion in 2023, from Dh50.05 billion in 2022, partly due to higher pass-through bulk supply tariffs, it said. “In 2023, Taqa remained unwavering in its commitment to creating long-term shareholder value … with a robust performance across our utilities business,” said Jasim Thabet, the company’s group chief executive and managing director. Taqa, one of the largest integrated utilities in the Europe, Middle East and Africa region, is a shareholder in Abu Dhabi clean energy company Masdar, alongside Mubadala and Adnoc. The company’s board has proposed a cash dividend of Dh2.2 billion ($600 million) for the 2023 financial year, including a variable portion of about Dh800 million ($217.8 million). This will be the fourth and final dividend payment planned for 2023, bringing total dividends for the year to about Dh4.4 billion. Taqa’s revenue from power transmission and water distribution, the company’s biggest segment, jumped by about 19 per cent to nearly Dh31 billion last year. However, revenue from the company’s oil and gas business fell to Dh8.1 billion, from Dh10.13 billion, in 2022. Brent, the benchmark for two thirds of the world’s oil, fell by about 10 per cent in 2023, amid demand concerns and higher supply from countries such as the US and Iran. In November, Taqa revised its growth targets to boost the size of its assets base and committed Dh75 billion in infrastructure investments. That includes Dh40 billion for UAE-based transmission and distribution networks, while the remainder going to Taqa’s generation business. The company aims to triple its gross power capacity to 150 gigawatts by 2030, with renewable energy expected to make up more than 65 per cent of the energy mix. “Taqa’s strategic positioning across its markets, particularly in Abu Dhabi as a fully integrated local utilities champion, remains key to our robust results,” said its chairman Mohamed Alsuwaidi. “The significant upward revision of our production targets is testament to our confidence in being able to deliver on our ambitions and strategic goals for 2030 and beyond.” Last month, Taqa said it was selling its stake in the Atrush oilfield in the Iraqi Kurdish region. The company, through its wholly owned subsidiary Taqa International, entered into a definitive agreement with General Exploration Partners to sell all of its interest in the oilfield. Taqa bought a 53.2 per cent operating interest in the oilfield for $600 million from General Exploration Partners in 2013.