Abu Dhabi, UAE — Abu Dhabi National Energy Company (TAQA) has reported a 1.5 percent increase in its net income for 2024 to AED 7.1 billion ($1.93 billion).
TAQA said the net income excludes one-off items (AED 10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas and an AED1.1 billion deferred tax charge due to the introduction of the UAE corporate tax.
Including these one-off items, net income recorded an AED 9.6 billion year-on-year decline.
The company’s revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained Transmission & Distribution (T&D) growth and the consolidation of TAQA Water Solutions (TAQA WS).
EBITDA was AED21.4 billion, up 5.9 percent compared to the prior year, excluding the AED10.8 billion related to the acquisition of a 5 percent stake in ADNOC Gas.
Capital expenditure increased by 63.8 percent to AED9.2 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 AED2.6 billion, down from AED13.9 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.”