The Abu Dhabi National Energy Company “TAQA” reported a 17% year-on-year increase in its Q2 profits, reaching AED 2.3 billion. This growth was driven by an increase in revenue from dividend distributions, totaling AED 298 million, compared to no recorded revenue from this category in the same period last year.

The company announced in a press release that its net income for the first half of this year reached AED 4.4 billion, marking a 12.3% increase compared to the same period last year, excluding one-time items. The group’s revenues amounted to AED 27.2 billion, a 2% rise compared to the same period last year, thanks to the contribution of the “Sustainable Water Solutions Holding Company” in boosting total adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) and net income.

The financial results showed that the group achieved adjusted earnings before interest, taxes, depreciation, and amortization amounting to AED 10.9 billion, an increase of 4% compared to the first half of 2023. Capital expenditure stood at AED 3.8 billion, a 91% increase compared to the same period last year, primarily due to progress in two reverse osmosis desalination projects, the “Al Marfa 2” and “Shuweihat 4” plants, in addition to advancements in projects within the transmission and distribution sector.