TAQA revenues up 6.7% to Dhs55.2 billion

Abu Dhabi National Energy Company (TAQA) has reported its earnings for the period ending 31st December 2024. The company’s revenues increased 6.7 per cent year-on-year to Dhs55.2 billion, driven by sustained growth in Transmission & Distribution (T&D) and the consolidation of TAQA Water Solutions (TAQA WS).

Net income was Dhs7.1 billion, up 1.5 per cent compared to the prior year, excluding one-off items (Dhs10.8 billion) related to the acquisition of a 5 per cent stake in Adnoc Gas and an Dhs1.1 billion deferred tax charge due to the introduction of the UAE corporate tax. Including these one-off items, net income recorded an Dhs9.6 billion year-on-year decline.

Ebitda was Dhs21.4 billion, up 5.9 per cent compared to the prior year, excluding the Dhs10.8 billion related to the acquisition of a 5 per cent stake in Adnoc Gas.

Capital expenditure increased by 63.8 per cent to Dhs9.2 billion, primarily driven by construction progress in the Mirfa 2 Reverse Osmosis (M2 RO) and Shuweihat 4 Reverse Osmosis (S4 RO) desalination projects, timing and phasing of project execution within T&D and the inclusion of TAQA WS.

Free cash flow generation amounted to Dhs2.6 billion, down from Dhs13.9 billion in 2023, reflecting increased investments in Masdar, capital investment across Generation, T&D and Water Solutions and the acceleration of decommissioning activities within oil and gas.

Mohamed Hassan Alsuwaidi, TAQA’s Chairman, commented, “2024 was a pivotal year for TAQA as it further strengthened its position as a global leader in low-carbon power and water both in the UAE and abroad. TAQA’s strong financial results for the year as well as the credit rating of AA by Fitch, which highlights the resilience of its balance sheet, are testimony to this.”