Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) achieved net profits valued at AED 6.62 billion in the first nine months (9M) of 2024, down from AED 15.37 billion in 9M-23.
Revenues hit AED 41.74 billion in 9M-24, higher by 6% year-on-year (YoY) than AED 39.39 billion, according to the income results.
Financials for Q3-24
In the third quarter (Q3) of 2024, the net profits of TAQA hiked to AED 2.03 billion from AED 1.71 billion in July-September 2023.
The group posted revenues amounting to AED 14.56 billion in Q3-24, an annual jump from AED 12.73 billion.
Jasim Husain Thabet, Group CEO and Managing Director of TAQA, commented: “Beyond a strong performance, this period marked a milestone for the group with the announcement of the merger of our customer facing distribution companies, along with rebranding of our wholly owned operating entities in UAE, underscoring TAQA’s integrated position across the utilities value chain and enhancing our brand’s resonance & customer service in the communities we serve.”
We also achieved progress on several strategic initiatives, such as the Juranah Water Reservoir project in Makkah and the industrial steam and electricity cogeneration plant in Jubail, Saudi Arabia, which demonstrate our commitment to regional expansion and sustainable infrastructure.
“Through Masdar, we continue to advance toward global renewable goals, with strategic acquisitions in North America and Europe further supporting Masdar’s target of reaching 100 GW capacity by 2030.
Aligned with our commitment to strong financial stewardship, TAQA successfully issued bonds worth $1.75 billion, $850 million of which in green bonds, underscoring our dedication to sustainable finance.”
As of 30 June 2024, the company’s net profits fell to AED 4.59 billion from AED 13.66 billion a year earlier.
