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TAQA Group reports Dh2.1 billion net income for Q1 2024

TAQA Group reports Dh2.1 billion net income for Q1 2024
15 May 2024 10:00

ABU DHABI (ALETIHAD)

Abu Dhabi National Energy Company (TAQA) reported its earnings for the period ending March 31.

The company delivered a robust financial performance, bolstered by the recognition of contributions from Sustainable Water Solutions Holding Company (SWS Holding).

TAQA’s revenues reached Dh13.7 billion, 5.3 percent higher than the prior-year period, due to the contribution from SWS Holding, which also increased adjusted EBITDA and net income.

Adjusted EBITDA was Dh5.5 billion, 4.9 percent higher than the prior-year period.

TAQA added that net income (TAQA-share) was Dh2.1 billion, a decrease of Dh9.5 billion because of one-off items recognised in 2023.

Net income, excluding these one-offs, increased by Dh0.1 billion, 6.9 percent higher than the prior-year period.

Furthermore, capital expenditure was Dh1.7 billion, 60.3 percent higher than prior year driven mainly by construction progress in the Mirfa 2 Reverse Osmosis (M2 RO) and Shuweihat 4 Reverse Osmosis (S4 RO) desalination projects.

TAQA’s Group Chief Executive Officer and Managing Director, Jasim Husain Thabet, commented, “TAQA has made a strong financial and strategic start to 2024. We have delivered a strong operational performance in both power and water. Our strong performance was significantly bolstered by the contribution from SWS Holding.”

“The first quarter of 2024 marked yet another significant milestone for TAQA's commitment to expanding its international footprint,” he added.

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