TAQA reveals 12.3 percent increase in net income for first half of 2024
Date
8/14/2024 8:54:16 AM
(MENAFN) Abu Dhabi National Energy Company (TAQA) has announced a net income of AED 4.4 billion (approximately USD1.2 billion) for the first half of 2024, marking a notable 12.3 percent increase compared to the same period last year, excluding one-off items. This growth reflects the company's solid financial performance amid an evolving market landscape. TAQA’s revenues during this period amounted to AED 27.2 billion (USD7.4 billion), a 2 percent rise year-on-year. This increase is attributed to the contributions from Sustainable Water Solutions Holding Company, which bolstered the group's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
The company reported adjusted EBITDA of AED 10.9 billion (about USD3 billion), up 4 percent from the first half of 2023. Capital expenditure saw a significant surge, reaching AED 3.8 billion, a 91 percent increase compared to the previous year. This rise in expenditure is primarily due to advancements in the completion of major reverse osmosis desalination projects, including the “Mirfa 2” and “Shuweihat 4” plants, as well as progress in projects within the transmission and distribution sectors. Mohamed Hassan Al Suwaidi, Chairman of TAQA, highlighted the company's strong and consistent financial results, supported by a credit rating upgrade to AA by Fitch. He emphasized that TAQA’s strategic focus remains on project execution and growth, including the forthcoming merger with Sustainable Water Solutions Holding, which will enhance its position as a leading utility company with extensive expertise in water treatment.
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