Abu Dhabi – Mubasher The net profits of Abu Dhabi National Energy Company (TAQA) plummeted to AED 4.59 billion in the first half (H1) of 2024 from AED 13.66 billion in H1-23.

The revenues stood at AED 27.17 billion in H1-24, up 2% year-on-year (YoY) from AED 26.65 billion, according to the interim consolidated financial results.

Basic and diluted earnings per share (EPS) attributable to the owners from continuing operations went down YoY to AED 0.04 as of 30 June 2024 from AED 0.12.

TAQA registered total assets valued at AED 209.68 billion in H1-24, higher than AED 194.64 billion as of 31 December 2023.

Income Results for Q2

In the second quarter (Q2) of 2024, the net profits grew to AED 2.45 billion from AED 2.09 billion in Q2-23, while the revenues declined to AED 13.50 billion from AED 13.66 billion.

Mohamed Hassan Alsuwaidi, Chairman of TAQA, commented: “The group has consistently achieved strong financial results, underpinned by an improved credit rating of AA by Fitch, demonstrating the resilience of its balance sheet.”

Jasim Husain Thabet, TAQA’s Group CEO and Managing Director, said: “TAQA's robust financial and operational performance in the first six months of 2024 was driven by the sustained growth across the Transmission & Distribution business, and bolstered by the welcome addition of SWS Holding.

“On the generation side, TAQA in partnership with JERA, signed a Power and Steam Purchase Agreement with SATORP, a joint venture company owned by Aramco and TotalEnergies, to develop an industrial steam and electricity cogeneration plant in Saudi Arabia,” Thabet added.

He indicated: “TAQA along with its partners 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.”

As of 31 March 2024, TAQA recorded a net income worth AED 2.13 billion, down from AED 11.56 billion in Q1-23.