TAQA Financial Results for the First Nine Months of 2024
Abu Dhabi National Energy Company (TAQA) announced its financial results for the first nine months of 2024, ending by September 30.
The group reported revenues of AED 41.7 billion.
This marks an increase of 6% in comparison to the same period last year.
Primarily, the increase is driven by contributions from TAQA Water Solutions and the Transmission & Distribution business segment.
Adding that TAQA net income reached AED 6.3 billion, an increase of AED 0.7 billion (13.2%) compared to the previous year.
Excluding one-off items with a total of AED 10.8 billion related to the acquisition of 5% stake in ADNOC Gas.
As well as AED 1.1 billion in deferred taxes following the introduction of corporate tax in the UAE.
Including these one-off items, net income declined by AED 8.9 billion.
Earnings Recorded an Increase of AED 1.4 Billion (9%) Compared to 2023
Earnings before interest, tax, depreciation, and amortization (EBITDA) were fixed at AED 16.9 billion.
This marks an increase of AED 1.4 billion (9%) compared to the same period last year.
Excluding the one-off AED 10.8 billion linked to ADNOC Gas stake acquisition.
Including this item, EBITDA showed a decline of AED 9.4 billion.
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Advancements in Transmission & Distribution Projects.
Capital expenditure surged to AED 6.1 billion, recording 85.4% year-on-year increase.
Driven by progress on two reverse osmosis desalination projects, Mirfa 2 and Shuweihat 4.
Alongside advancements in timing and execution of Transmission & Distribution projects and the integration of TAQA Water Solutions.
Free cash flow total is AED 2.9 billion, which reflects a decline of AED 7.3 billion compared to the same period last year.
While total debt remained at AED 60.6 billion, slightly lower than the reported at the end of 2023 “AED 61.7 billion”.
