TAQA's 2024 Revenue Climbs 6.7% Amid Transmission And Distribution Expansion

2025-02-13 04:53:28

(MENAFN- The Arabian Post)

Abu Dhabi National Energy Company PJSC has announced its financial results for the year ending 31 December 2024, reporting a 6.7% increase in revenues to AED55.2 billion. This growth is attributed to sustained expansion in the Transmission & Distribution sector and the consolidation of TAQA Water Solutions .

The company's net income reached AED7.1 billion, marking a 1.5% rise compared to the previous year, excluding one-off items. These exceptional items include a AED10.8 billion gain from acquiring a 5% stake in ADNOC Gas and a AED1.1 billion deferred tax charge due to the implementation of the UAE corporate tax. When accounting for these factors, net income saw a year-on-year decline of AED9.6 billion.

TAQA's performance in the T&D segment has been a significant driver of its revenue growth. The integration of TAQA WS has further bolstered the company's portfolio, enhancing its capabilities in water solutions and contributing to the overall financial upturn.

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