Today's Edition
ABU DHABI (WAM)
Abu Dhabi National Energy Company PJSC (TAQA) has reported its earnings for the period ending December 31, 2024. The company's revenues increased 6.7 per cent year-on-year to Dh55.2 billion, driven by sustained growth in Transmission & Distribution (T&D) and the consolidation of TAQA Water Solutions (TAQA WS).
Net income was Dh7.1 billion, up 1.5 per cent compared to the prior year, excluding one-off items (Dh10.8 billion) related to the acquisition of a 5 per cent stake in ADNOC Gas and an Dh1.1 billion deferred tax charge due to the introduction of the UAE corporate tax. Including these one-off items, net income recorded an Dh9.6 billion year-on-year decline.
EBITDA was Dh21.4 billion, up 5.9 per cent compared to the prior year, excluding the Dh10.8 billion related to the acquisition of a 5 per cent stake in ADNOC Gas.
Capital expenditure increased by 63.8 per cent to Dh9.2 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 Dh2.6 billion, down from Dh13.9 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."
Jasim Husain Thabet, Group CEO and Managing Director of TAQA, said, "The year was a milestone for TAQA, highlighted by the merger of Abu Dhabi Distribution Company and Al Ain Distribution Company under the new TAQA Distribution brand, alongside the rebranding of our other operating entities in the UAE. This streamlining of our operations strengthens our customer service offering across the Emirate of Abu Dhabi, setting the stage for future growth."
