Abu Dhabi's Taqa reports net income of $1.93bln in 2024
Net income was AED7.1 billion, up 1.5 percent compared to the prior year, excluding one-off items (AED10.8 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 AED9.6 billion year-on-year decline.
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."
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