Abu Dhabi National Energy Company (TAQA) rode on contribution from Sustainable Water Solutions Holding (SWS Holding), its latest acquisition, and stable returns from its Transmission and Distribution business to report revenues of AED27.2 billion ($7.4 billion), up 2 percent from the previous half of 2023.
SWS asset availability of 96.4 percent underscored the robust performance of the assets accounted for by TAQA since the beginning of 2024 and played a role in Adjusted EBITDA rising to AED10.9 billion ($2.97 billion), 4 percent higher than the first half of 2023.
Net income was up by half a billion (12.3 percent) to AED4.4 billion ($1.2 billion), excluding one-off items. However, it decreased by AED9.2 billion ($2.51 billion) when these one-off items are included.
The company’s capital expenditure was AED3.8 billion ($1.03 billion), 91 percent higher than the prior year mainly due to the construction progress in the Mirfa 2 Reverse Osmosis (M2 RO) and Shuweihat 4 Reverse Osmosis (S4 RO) desalination projects.
Group Chief Executive Officer and Managing Director Jasim Husain Thabet added: “TAQA’s robust financial and operational performance in the first six months of 2024 was driven by the sustained growth across the Transmission and Distribution business, and bolstered by the welcome addition of SWS Holding.
“These reliable sources of income align with TAQA’s ambition to be an integrated utility champion, providing low-carbon power and water to the communities it serves and creating value for stakeholders. TAQA also remained focused on delivering on key strategic projects.”
Chairman Mohamed Hassan Alsuwaidi commented: “TAQA has consistently achieved strong financial results, underpinned by an improved credit rating of AA by Fitch, demonstrating the resilience of its balance sheet.
“TAQA’s focus on executing projects that will further cement its leading market position remains steadfast. A notable milestone is the upcoming integration of SWS Holding, which will contribute to TAQA’s transformation into a vertically integrated utility leader with expanded expertise in water treatment.”
During the period, TAQA, Vision Invest and GIC Consortium announced the financial closing for Juranah Independent Strategic Water Reservoir Project in Makkah, Saudi Arabia. It’s Generation business announced the signing of a Power and Steam Purchase Agreement with SATORP, a joint venture company owned by Saudi Aramco and TotalEnergies, to develop a cogeneration plant of a Petrochemical complex in Saudi Arabia. TAQA will own 51 percent of a plant that will supply up to 475 MW of power and approximately 452 tons per hour of steam using advanced combined cycle gas-fired technology.
Transmission network availability for power and water was marginally higher for H1 2024 – 98.5 percent (compared to 98.2 percent in H1 2023).
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