7.1 billion dirhams net income for" energy " In 2024

Abu Dhabi, February 13/ WAM/ The National National Energy Company “Taqah” announced its financial results for the period ending December 31, 2024, as the group’s revenues increased by 6.7% on an annual basis to reach 55.2 billion dirhams driven by the sustainable growth of the company’s business in the transport and distribution sector, It included “Tata Water Solutions”.

The average profits before calculating interest, taxes, consumption and firefighting were 21.4 billion dirhams, 5.9% compared to the previous year, without calculating the share that “Taqah” acquired at ADNOC Gas Company, which amounts to 5% at a value of 10.8 billion dirhams.

In the event of adding this unacceptable item, the modified profits before calculating benefits, taxes, consumption and extinguishing become 31% low compared to the previous year.

The net income reached 7.1 billion dirhams, an increase of 1.5% compared to the previous year, with the exception of the unacceptable items “10.8 billion dirhams” related to the acquisition of a 5% stake in “ADNOC Gas” and the deferred tax fees of 1.1 billion dirhams due to the start of implementing the corporate tax in the UAE, and with an addition These unexplained items, net income becomes low than the previous year of 9.6 billion dirhams.

Capital spending increased by 63.8% to 9.2 billion dirhams, mainly due to investments in the two projects of “Al -Mufar 2” and “Al -Shwiyat 4” to desalinate water in reverse, in addition to spending on the projects implemented within the transport and distribution sector, and the inclusion of the company “Taqah For water solutions.

Free cash flows reached 2.6 billion dirhams, a decrease of 13.9 billion dirhams in 2023, which reflects the increase in each of the “energy” investments in Abu Dhabi Future Energy Company “Source” and capital investment in the group’s business in the electricity and water desalination sector, and its business in the sector Transportation and distribution, and its work in the water solutions sector, and accelerate the operating suspension work in some of the company’s oil and gas assets.

His Excellency Mohamed Hassan Al -Suwaidi, Chairman of the Board of Directors, said that the year 2024 was pivotal for “Taqah”, as it strengthened its position at the local and international levels as a company that is a leading global carbon -leading accompanying company, and the strong financial results achieved by the company last year, along with Its credit rating is upgraded by AA by the Global Credit Class Agency “Fitch”, the flexibility of the company’s capital structure.

For his part, Jassim Hussein Thabet, CEO of the group and the managing director of “Taqah”, said that “Taqah” achieved strong financial results in 2024, which came with a firm performance across all its business sectors.

He added that this year constituted an important stage in the history of the company, as it witnessed the integration of the two distribution companies “Abu Dhabi Distribution” and “Al Ain Distribution” under the umbrella of a single distribution company and with a new institutional identity, which is “Taqah Distribution”, in addition to announcing a new institutional identity for our other operating companies In the UAE, explaining that this initiative, which resulted in the unification of “energy” operations, contributes to raising the level of customer service it has throughout the Emirate of Abu Dhabi, which paves the way for future growth.

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