2.1 billion dirhams net income for the group "energy" In the first quarter
Abu Dhabi, May 15, 2024 – Abu Dhabi National Energy Company announced its financial results for the period ending on March 31, 2024, during which it achieved a strong performance supported by the contribution of the Sustainable Water Solutions Holding Company.
The group achieved revenues amounting to 13.7 billion dirhams, an increase of 5.3 percent compared to the same period of the previous year, as a result of the contribution of Sustainable Water Solutions Holding Company, which also contributed to an increase in the total adjusted earnings before interest, taxes, depreciation, amortization and net income.
Adjusted earnings before interest, taxes, depreciation and amortization amounted to 5.5 billion dirhams, an increase of 4.9 percent compared to the same period of the previous year.
Net income (Taqa share) 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. Net income, without taking into account these items, increased by 0.1 billion dirhams, that is, an increase of 6.9 percent. percent compared to the same period of the previous year.
Capital spending amounted to 1.7 billion dirhams, an increase of 60.3 percent compared to the same period of the previous year, mainly due to progress in the completion of two water desalination projects using reverse osmosis technology, namely the “Marfa 2” and “Shuweihat 4” stations.
Jassim Hussein Thabet, Group CEO and Managing Director of TAQA, said that TAQA achieved a strong financial and strategic start at the beginning of the year 2024 and recorded strong operational performance in both its electricity and water businesses. The strong performance was achieved thanks to the contribution of the performance of the Sustainable Water Solutions Holding Company. ‘ so far.
He added that the first quarter of 2024 constituted another prominent step in TAQA’s journey and its commitment to expanding its global presence, as TAQA joined forces with leading companies in the sector.
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