TAQA Reports Solid Revenue and Net Profit in 2024

Underpinned by robust utilities business, Abu Dhabi National Energy Company (TAQA) on Monday said that its revenue stood at $15.03 billion, up 7% y-o-y, and the net income was $1.93 billion, up 1%, during the financial year 2024.

In a regulatory filing with Abu Dhabi Securities Exchange (ADX) this morning, TAQA said that capex was $.92 billion, up 64% y-o-y, and the increased capital expenditure reflected higher investment in critical power and water infrastructure, including expanding desalination capacity and enhancing transmission networks.

The company also said that it has commenced commercial operations of 200 MIGD Taweelah Reverse Osmosis plant, one of the world’s largest, achieved financial closure for Najim Cogeneration Company, that will supply up to 475 MW of electricity and 452 tonnes per hour of steam to a petrochemical complex located in Jubail in Saudi Arabia.

TAQA signed two 25-year PPAs with Saudi Power Procurement Company (SPPC) to develop two new greenfield power projects, with a combined capacity of 3.6 GW, it said.

Made Significant Strides

TAQA chairman Mohamed Hassan Alsuwaidi said that over the past year, the company has taken significant strides in advancing its 2030 Strategy for Sustainable and Profitable Growth. Against a backdrop of geopolitical uncertainty and evolving macroeconomic factors, the company delivered robust financial and operational performance, reinforcing its position as a leading integrated utilities player.

A key development was the acquisition of SWS Holding (rebranded as TAQA Water Solutions), which has strengthened the company’s capabilities across the water value chain by expanding into wastewater treatment and reuse, aligning with the UAE’s focus on water security.

This expansion also opens new opportunities for innovation in sustainability alongside continued focus on long-term resilience and growth, he said.

The UAE consensus secured in late 2023 at COP28 set ambitious targets for tripling renewables and doubling energy efficiency by 2030. TAQA’s strategy and growth ambitions are very much aligned with those goals, with around 65% of the targeted 150 GW generation capacity by 2030 expected to come from renewable sources, he said.

Through Masdar, in which TAQA is the largest shareholder, the company has already been making significant progress towards the targets, through large scale investments made across Europe and Northern America in 2024.

“In addition to renewables, TAQA continued to develop high-efficiency conventional power projects and strengthen its transmission and distribution networks. TAQA’s growth is also being fueled by the capital raised through last year’s successful dual-tranche bond issuance, including TAQA’s second green bond, reflecting investors’ confidence in its sustainability strategy,” he added.

Global Footprint

TAQA Group CEO and Managing Director Jasim Husain Thabet said that in line with TAQA’s growth strategy, TAQA’s generation business expanded its footprint internationally.

In partnership with JERA, the company has achieved financial close of a cogeneration plant in Saudi Arabia, to support a petrochemical complex with efficient power and steam generation, he said.

 While TAQA continued to grow its generation portfolio internationally, the company continued to make progress on its transmission projects locally and internationally, including the achievement of financial close for the Juranah strategic water reservoir project in Saudi Arabia, which will address emergency water demand, especially during Hajj season in Makkah.

Consistent with the company’s strategy to focus on its utility business whilst supporting today’s energy needs, TAQA’s Oil and Gas segment saw a planned reduction in production and progress with the decommissioning of offshore North Sea platforms.