Abu Dhabi, UAE — Abu Dhabi National Energy Company (TAQA) posted net income (TAQA-share) of AED 2.1 billion ($571 million), a decrease of AED 9.5 billion because of one-off items recognized in 2023.
Net income, excluding these one-offs, increased by AED 100 million, 6.9% higher than the prior-year period.
The company said it delivered a robust financial performance, bolstered by the recognition of contributions from Sustainable Water Solutions Holding Company (SWS Holding).
TAQA’s revenues reached AED 13.7 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 AED5.5 billion, 4.9 percent higher than the prior-year period.
Moreover, capital expenditure was AED 1.7 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.
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, 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.”
He added, “The first quarter of 2024 marked yet another significant milestone for TAQA’s commitment to expanding its international footprint.”