Abu Dhabi Nationwide Vitality Firm PJSC (TAQA), one of many largest listed built-in utilities in Europe, the Center East, and Africa, has introduced its monetary outcomes for the yr ending 31 December 2024. The Group delivered sturdy operational efficiency throughout its utilities enterprise, supported by strategic investments and worldwide enlargement.
Monetary Highlights
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Income Progress: TAQA’s revenues rose by 6.7% year-on-year, reaching AED 55.2 billion, pushed by regular development in Transmission & Distribution (T&D) and the consolidation of TAQA Water Options (TAQA WS).
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EBITDA: Earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) stood at AED 21.4 billion, marking a 5.9% improve, excluding the AED 10.8 billion one-off influence from the 5% stake acquisition in ADNOC Gasoline. Together with this merchandise, EBITDA declined by 31% year-on-year.
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Web Earnings: The Group recorded a web earnings of AED 7.1 billion, up 1.5% from the earlier yr, excluding one-off gadgets. Together with these, web earnings decreased by AED 9.6 billion.
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Capital Expenditure (Capex): Funding surged by 63.8%, reaching AED 9.2 billion, primarily attributable to key desalination initiatives (Mirfa 2 RO and Shuweihat 4 RO), T&D upgrades, and the inclusion of TAQA WS.
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Free Money Move: Generated AED 2.6 billion, a decline from AED 13.9 billion in 2023, attributed to elevated investments in Masdar, Era, T&D, and Water Options.
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Gross Debt: Elevated to AED 64.1 billion, primarily as a result of issuance of AED 6.4 billion in dual-tranche company bonds, mission debt consolidation, and funding for desalination initiatives, offset by bond maturities and scheduled repayments.
Operational Highlights
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Transmission Community Availability: Improved to 98.7% (from 98.4% in 2023).
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World Era Availability: Slight improve to 98.0% (from 97.9%).
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Water Options Availability: Robust efficiency at 95.3%.
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Oil & Gasoline Manufacturing: Declined by 5.9% to 101.4 mboe/d, primarily attributable to pure manufacturing declines and decommissioning of 4 UK belongings.
Strategic Developments
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TAQA Distribution Merger: Abu Dhabi Distribution Firm (ADDC) and Al Ain Distribution Firm (AADC) have been built-in into TAQA Distribution, aimed toward enhancing buyer expertise and operational effectivity.
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New Model Identification: TAQA launched a brand new model identification to bolster its management in low-carbon energy and water options.
Key Growth Tasks
UAE:
Saudi Arabia:
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Juranah Strategic Water Reservoir Mission: Achieved monetary shut, supporting emergency municipal water demand in Makkah throughout Hajj.
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Najim Cogeneration Plant: Secured monetary shut for a 475 MW energy and 452 tph steam cogeneration facility in Jubail.
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New Energy Tasks: TAQA, in partnership with JERA and Al Bawani, signed 25-year PPAs for 2 high-efficiency gasoline energy crops in Rumah and Al Nairyah (3.6 GW whole capability).
Worldwide Growth:
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North America: Masdar acquired a 50% stake in Terra-Gen Energy Holdings II, including 3.8 GW of renewable vitality capability within the US.
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Europe: Masdar expanded in Spain, Portugal, and Greece by strategic acquisitions:
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Saeta Yield (745 MW operational, 1.6 GW pipeline).
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Endesa (EGPE) Photo voltaic: Acquired a 49.99% stake in a 2 GW photo voltaic portfolio.
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Terna Vitality (1.2 GW operational, concentrating on 6 GW by 2029).
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Water Sector Growth:
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TAQA Water Options: Absolutely acquired SWS Holding, managing Abu Dhabi’s wastewater remedy and recycled water manufacturing, including AED 17.5 billion in regulated asset worth.
Oil & Gasoline Developments:
Monetary Energy and ESG Commitments
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Credit score Score Improve: Fitch upgraded TAQA to ‘AA’ from ‘AA-’.
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Inexperienced Bond Issuance: Raised USD 1.75 billion (AED 6.4 billion) in dual-tranche bonds, together with a USD 850 million Inexperienced Bond.
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ESG Score Improve: MSCI improved TAQA’s ESG ranking to ‘A’ from ‘BBB’.
Management Statements
H.E. Mohamed Hassan Alsuwaidi, TAQA’s Chairman, commented: “2024 was a pivotal yr for TAQA, reinforcing our international management in low-carbon energy and water. Our sturdy monetary efficiency and ‘AA’ credit standing from Fitch exhibit the resilience of our enterprise. The strategic enlargement of TAQA Water Options and key worldwide investments mirror our dedication to long-term development and sustainability.”
Jasim Husain Thabet, Group CEO and Managing Director, added: “Our sturdy monetary outcomes had been pushed by sturdy operational efficiency and strategic initiatives, together with the formation of TAQA Distribution and the enlargement of our water sector capabilities. Internationally, we strengthened our presence in Saudi Arabia and North America, whereas Masdar made important progress towards our 2030 goal of 100 GW in international renewable capability. Our monetary energy and ESG commitments place us for sustainable development within the years forward.”
Dividend Proposal
TAQA’s Board proposed a last money dividend of two.1 fils per share, bringing the full-year dividend to 4.2 fils per share.
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