Abu Dhabi – Mubasher Abu Dhabi National Energy Company (TAQA) posted net income valued at AED 2.13 billion in the first quarter (Q1) of 2024, an annual plunge from AED 11.56 billion.

The decrease of AED 9.50 billion is due to one-off items recognised in 2023, according to the consolidated financial results.

Excluding these one-offs, the net income increased by AED 100 million, 6.90% higher than the prior-year period.

Meanwhile, the revenues enlarged to AED 13.67 billion in Q1-24 from AED 12.98 billion in Q1-23.

Basic and diluted earnings per share (EPS) attributable to the owners from continuing operations amounted to AED 0.02 as of 31 March 2024, down year-on-year (YoY)  from AED 0.10.

Total assets hit AED 213 billion in Q1-24, higher than AED 194.64 billion at the end of December 2023.

Jasim Husain Thabet, Group CEO and Managing Director of TAQA, commented: “The Q1-24 marked yet another significant milestone for TAQA's commitment to expanding its international footprint.”

“We joined forces with industry leaders JERA and SATORP, committing to the development of a state-of-the-art power and steam cogeneration plant in Jubail, Saudi Arabia as well as being part of the consortium that won the Juranah project, to support water security in Makkah,” Thabet highlighted.

He added: “Through the investments we have made and as we continue to pursue other aspects of our 2030 growth strategy, TAQA remains committed to our ambition of being a champion of low-carbon power and water.”

In 2023, the net profits attributable to the shareholders of TAQA hiked to AED 16.64 billion from AED 8.03 billion a year earlier.