TAQA Group, one of the largest listed integrated utilities companies in the EMEA region, announced solid financial results for the first nine months of 2024, achieving $1.7 billion (AED 6.3 billion) in net income, a 13.2% increase over the prior year, excluding one-off items.
Total revenue reached AED 41.7 billion, up 6% year-on-year, supported by steady growth across its utilities and water businesses, notably following the integration of TAQA Water Solutions, formerly known as SWS Holding.
TAQA’s EBITDA rose 9% to AED 16.9 billion, also excluding one-off items. However, including adjustments like the AED 10.8 billion impact of its 5% stake acquisition in ADNOC Gas, EBITDA saw a decrease of AED 9.4 billion year-on-year.
Meanwhile, capital expenditure surged to AED 6.1 billion—an 85.4% increase over last year—driven primarily by progress on desalination projects like Mirfa 2 and Shuweihat 4, along with strategic investments in its Transmission and Distribution (T&D) sector and Water Solutions.
Despite increased spending, TAQA’s debt load showed resilience. Gross debt stood at AED 60.6 billion, down from AED 61.7 billion at year-end 2023, thanks to scheduled repayments on corporate bonds and loans.
Key structural shifts in TAQA’s business model were also highlighted. The September merger of Abu Dhabi Distribution Company (ADDC) and Al Ain Distribution Company (AADC) under the new “TAQA Distribution” brand aimed to improve efficiency and customer service across Abu Dhabi.
This was coupled with a rebranding effort across TAQA’s entire portfolio, expected to boost brand cohesion and support long-term growth.
TAQA’s Generation business made strides in Saudi Arabia, closing financing on the Najim Cogeneration plant in Jubail, which will provide power and steam for SATORP’s petrochemical operations in partnership with Jera, Japan.
In North America, TAQA’s subsidiary, Masdar, acquired a 50% stake in Terra-Gen, one of the U.S.’s leading renewable energy producers, contributing to Masdar’s target of reaching 100 GW in global capacity by 2030.
In a significant ESG milestone, TAQA’s MSCI rating was upgraded to ‘A,’ up from ‘BBB,’ reflecting improved sustainability performance. The issuance of $1.75 billion in bonds, including $850 million in green bonds, further underscores TAQA’s commitment to sustainable finance.
TAQA’s Group CEO, Jasim Husain Thabet, praised the company’s disciplined growth strategy: “This period has not only been about financial performance but also about achieving milestones that position TAQA as a leader in integrated power and water solutions. We are committed to furthering regional expansion and sustainable infrastructure that supports long-term value.”
