Taqa, the Abu Dhabi National Energy Company, has reported a 12.3 per cent year-on-year increase in net income to Dh4.4 billion for the first half of 2024. The company also saw a 2.0 per cent rise in revenue to Dh27.2 billion due to the contribution from Sustainable Water Solutions Holding Company (SWS Holding), which also increased adjusted Ebitda and net income. Adjusted Ebitda was reported at Dh10.9 billion, 4.0 per cent higher than the previous year. Net income of Dh4.4 billion excludes one-off items, but marks a decrease of Dh9.2 billion when these items are included.
Taqa’s chairman, Mohamed Hassan Alsuwaidi, attributed the group’s growth to its commitment to unlocking long-term value for stakeholders. He mentioned the group’s strong financial results and improved credit rating by Fitch as signs of resilience. Alsuwaidi highlighted Taqa’s upcoming integration of SWS Holding as a milestone that will enhance the company’s position in the market. The group remains dedicated to sustainable growth while balancing stakeholder benefits and environmental stewardship.
Jasim Husain Thabet, Taqa’s group CEO and managing director, credited the company’s robust financial and operational performance to sustained growth across the Transmission & Distribution business and the addition of SWS Holding. Thabet emphasized Taqa’s ambition to provide low-carbon power and water to communities while creating value for stakeholders. The company also stayed focused on delivering key strategic projects during the period.
Capital expenditure for Taqa surged by 91 per cent to Dh3.8 billion year-on-year, driven by construction progress in desalination projects and project execution within the T&D business. Free cash flow generation dropped to Dh4.3 billion primarily due to capital expenditure and working capital movements. The group’s gross debt decreased to Dh58.6 billion, attributed to the repayment of corporate bonds and scheduled loan repayments as well as project debt from the acquisition of SWS Holding.
In partnership with JERA, Taqa signed a power and steam purchase agreement with SATORP to develop an industrial steam and electricity cogeneration plant in Saudi Arabia. Additionally, Taqa achieved financial closing of the Juranah Independent Strategic Water Reservoir Project in Saudi Arabia, aligning with its strategy to expand the transmission and distribution business beyond the UAE. Taqa’s focus remains on sustainable growth, operational excellence, and creating value for stakeholders in the energy sector.
