4.4 billion dirhams net income for “TAQA” in the first half

Abu Dhabi National Energy Company (TAQA) announced yesterday that it achieved net income of AED 4.4 billion during the first half of this year, an increase of 12.3% compared to the same period last year if one-time items are not taken into account.

In a statement, the group’s revenues amounted to AED 27.2 billion, an increase of 2% compared to the same period last year, as a result of the contribution of Sustainable Water Solutions Holding Company to the increase in total adjusted earnings before interest, taxes, depreciation and amortization and net income. The financial results data showed that the group achieved adjusted earnings before interest, taxes, depreciation and amortization of AED 10.9 billion, an increase of 4% compared to the first half of 2023, while capital expenditure amounted to AED 3.8 billion, an increase of 91% compared to the same period in 2023, mainly due to the progress in completing two desalination projects using reverse osmosis technology: the “Al Mirfa 2” station and the “Shuweihat 4” station, in addition to the progress made in implementing projects within the transmission and distribution business sector. The company’s strong financial and operational performance was driven by the sustainable growth in its business.

The Chairman of the Board of Directors of Abu Dhabi National Energy Company (TAQA), Mohamed Hassan Al Suwaidi, said that the company has achieved strong and consistent financial results, supported by the upgrade of its credit rating to (AA) by Fitch, which confirms the flexibility of its strong capital structure, noting that TAQA’s focus remains fixed on executing projects and achieving accomplishments.