TAQA began 2024 with strong financial performance, driven by the contribution of Sustainable Water Solutions and notable growth in the electricity and water sectors.
Abu Dhabi National Energy Company “Taqa” announced its financial results for the first quarter of 2024, recording a strong performance driven by the contribution of “Sustainable Water Solutions Holding Company.”
The company’s revenues amounted to 13.7 billion dirhams, an increase of 5.3% compared to the same period of the previous year. This growth is due to the contribution of “Sustainable Water Solutions Holding”, which also contributed to the increase in adjusted earnings before interest, taxes, depreciation and amortization.
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In a related context, adjusted earnings before interest, taxes, depreciation and amortization amounted to 5.5 billion dirhams, an increase of 4.9% compared to the same period of the previous year.
As for net income (Taqa’s share), it amounted to 2.1 billion dirhams, a decrease of 9.5 billion dirhams due to taking into account items that were recorded once in the year 2023. However, net income, excluding these items, increased by 0.1 billion dirhams, i.e. an increase A rate of 6.9% compared to the same period of the previous year.
Capital expenditure witnessed a significant increase of 60.3% compared to the same period of the previous year, reaching 1.7 billion dirhams.
This increase is mainly due to progress in the completion of two water desalination projects using reverse osmosis technology, namely the “Marfa 2” and “Shuweihat 4” stations.
Commenting on the issue, Jassim Hussein Thabet, Group CEO and Managing Director of “Taqa”, expressed his happiness with the company’s strong financial and strategic start at the beginning of the year 2024. He pointed out that the strong operational performance in the electricity and water sectors is largely due to the contribution of “Water Solutions” Company. Sustainable Holding.
He stressed that the first quarter of this year represents an important step in TAQA’s journey and its commitment to expanding its global presence through cooperation with leading companies in the sector.
