The UAE’s Taqa Group reported AED 2.2 bn in net income in 3Q 2022, up 59% y-o-y, according to its management discussion and analysis presentation (pdf). The company saw AED 13.7 bn in gross revenues during the quarter, rising 14.3% y-o-y. On a nine-month basis, Taqa’s bottom line rose 53% y-o-y to AED 6.5 bn on AED 38.7 bn in revenues, up 14% y-o-y, according to its earnings release. Oil and gas was “a significant contributor to bottom line growth,” the earnings release noted.

Taqa Group has also committed to a 2030 ESG strategy that will see a 25% reduction of scope 1 and scope 2 emissions across the Group, “including a 33% reduction of UAE portfolio emissions compared to the 2019 baseline,” it added. Scope 1 and scope 2 emissions are defined by the GHG Protocol Corporate Standard (pdf) as “direct emissions from owned or controlled sources” and “indirect emissions from the generation of purchased energy.”