Abu Dhabi National Energy Company (TAQA) reported revenues of AED 27.2B ($7.4B), up 2 per cent from the previous half of 2023, due to contributions from its recent acquisition, Sustainable Water Solutions Holding (SWS Holding), and steady returns from its Transmission and Distribution business.
SWS Holding’s asset availability of 96.4 per cent highlighted the strong performance of TAQA’s assets since early 2024, contributing to an Adjusted EBITDA of AED 10.9B ($2.97B), a 4 per cent increase from the first half of 2023.
Net income rose by AED0.5 B (12.3 per cent) to AED 4.4B ($1.2B), excluding one-off items. Including these items, net income fell by AED 9.2B ($2.51B).
Capital expenditure reached AED 3.8B ($1.03B), 91 per cent higher than the previous year, mainly due to progress on the Mirfa 2 and Shuweihat 4 desalination projects.
Group CEO Jasim Husain Thabet stated that TAQA’s performance was driven by growth in Transmission and Distribution and the addition of SWS Holding. Chairman Mohamed Hassan Alsuwaidi noted TAQA’s strong financial results and improved credit rating, emphasising the importance of integrating SWS Holding to enhance its water treatment expertise.
During this period, TAQA, Vision Invest, and the GIC Consortium closed the Juranah Independent Strategic Water Reservoir Project in Makkah, Saudi Arabia. TAQA also signed a Power and Steam Purchase Agreement with SATORP for a new cogeneration plant in Saudi Arabia, in which it will hold a 51 per cent stake. Transmission network availability increased slightly to 98.5 per cent.
