‘TAQA reports 1.7 million net income in Q1 2024’

Abu Dhabi National Energy Company (TAQA) has reported impressive financial results for the period ending on March 31, 2024. The company’s group revenues reached .7 billion, marking a 5.3 percent increase compared to the previous year. This growth was driven by the inclusion of Sustainable Water Solutions Holding Company PJSC (SWS Holding), which also led to higher adjusted EBITDA and net income.

Adjusted EBITDA for TAQA amounted to .5 billion, representing a 4.9 percent rise compared to the previous year. Despite one-off items recognized in 2023 leading to a decrease in net income to 1.7 million, excluding these items, net income increased by 6.9 percent.

TAQA’s capital expenditure saw a significant increase of 60.3 percent, amounting to .7 billion, primarily due to advancements in the construction of desalination projects. The company’s gross debt also increased to .5 billion, reflecting investments in expanding desalination capacity.

In strategic highlights, TAQA’s acquisition of SWS Holding aligns with its objectives, strengthening its position as a leader in delivering high-quality water treatment solutions. Additionally, collaborations with partners like JERA and projects like the Juranah Independent Strategic Water Reservoir Project in Saudi Arabia showcase TAQA’s commitment to innovation and growth.

Operational highlights include strong transmission network availability and slight decreases in oil & gas production volumes. The significant contribution from SWS Holding has bolstered TAQA’s performance, positioning the company as a key player in the utility sector.

Jasim Husain Thabet, TAQA’s group CEO, emphasized the company’s commitment to low-carbon power and water, with a focus on sustainability and driving towards UAE’s net zero by 2050 target. TAQA’s dedication to growth and innovation solidifies its position as a leader in the energy sector.