Abu Dhabi National Energy Company PJSC (“TAQA” or “the Group”), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, reported its earnings for the period ending 30 June 2024. TAQA delivered solid financial results, supported by stable returns from its Transmission & Distribution business and further strengthened by the contribution from Sustainable Water Solutions Holding Company PJSC (SWS Holding).
Financial highlights
Strategic highlights
Operational highlights
His Excellency Mohamed Hassan Alsuwaidi, Chairman of TAQA, commented: “TAQA's continued growth during the first half of 2024 is a result of its unwavering commitment to unlocking long-term value for stakeholders. The Group 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.
Looking ahead, TAQA remains dedicated to sustainable growth and progress that balances shareholder benefits with our stewardship of the environment and communities.”
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented: “TAQA's robust financial and operational performance in the first six months of 2024 was driven by the sustained growth across the Transmission & 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. During this period, TAQA also remained focused on delivering on key strategic projects.
On the generation side, TAQA in partnership with JERA, signed a Power and Steam Purchase Agreement with SATORP, a joint venture company owned by Saudi Aramco and TotalEnergies, to develop an industrial steam and electricity cogeneration plant in Saudi Arabia. Additionally, TAQA along with its partners achieved financial closing of the Juranah Independent Strategic Water Reservoir Project in Saudi Arabia, aligning with its strategy to expand the transmission and distribution business beyond the UAE.”