Abu Dhabi National Energy Company (TAQA) reported a 30% drop in its Q3 2023 net attributable profit to 1.56 billion dirhams ($424.72 million), compared with AED 2.24 billion a year earlier on lower income from the oil and gas segment.

The effort fell way short of analysts’ mean estimate of the AED 2.39 billion, according to LSEG data.

Revenue for the quarter fell to AED 12.74 billion from AED 14 billion in the same period last year, the company said in a statement published on the Abu Dhabi stock exchange on Monday.

Income from the oil and gas segment fell 23.78% year-on-year (YoY) to AED 6.62 billion.

The average oil and gas production volumes fell to 110,500 barrels of oil equivalent per day, down 10% YoY.

Capital expenditure during the third quarter stood at AED 3.3 billion, up 34% YoY.

Net income for the nine months was AED 15 billion, an increase of AED 8.5 billion, driven by a one-off gain of AED 10.8 billion recognised on acquiring a 5% shareholding in ADNOC Gas.

Net income excluding these one-off items was AED 5.4 billion, 17% lower YoY due to lower contribution from the oil and gas segment.

Revenues remained unchanged at AED 39.5 billion YoY, as higher income in the transmission and distribution segment offset a decline in the oil and gas segment.

TAQA’s board declared a third interim dividend of 0.65 fils per share or nearly AED 731 million ($199 million) as part of its dividend policy for 2023-25, which is based on a combination of fixed and variable dividends.

 (Editing by Brinda Darasha; brinda.darasha@lseg.com)