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ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

Aramco signs $11bn deal

The deal involves its Jafurah gas facilities.

TAQA Q1 net income $571m

TAQA reported net income of $571m. for Q1 2024.
  • Net income, excluding these one-offs, increased by AED 100 million, 6.9% higher than the prior-year period.
  • TAQA’s revenues reached AED 13.7 billion, 5.3 percent higher than the prior-year period, due to the contribution from SWS Holding.

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.”