Energy Taqa first-half profit falls despite rising revenues By Pramod Kumar August 14, 2024, 5:46 AM Wam Taqa's capital expenditures rose 91% to AED3.8 billion due to the construction of the Mirfa 2 and Shuweihat 4 desalination projects Abu Dhabi National Energy Company (Taqa) said net profit attributable to shareholders fell 68 percent year on year to AED4.4 billion ($1.2 billion) in the first half of 2024. Revenues reached AED27 billion, up 2 percent than the prior year’s period, due to the contribution from Sustainable Water Solutions Holding Company, which was acquired in June 2023. Capital expenditures increased 91 percent to nearly AED4 billion due to the construction of the Mirfa 2 and Shuweihat 4 reverse osmosis desalination projects. NewsletterGet the Best of AGBI delivered straight to your inbox every week Gross debt was down to AED59 billion from AED62 billion at the end of 2023, primarily due to the repayment of AED3.5 billion of matured corporate bonds and scheduled loan repayments of AED1.5 billion. Oil and gas average production volumes fell 8 percent year on year to 104,900 barrels of oil equivalent per day. Profit at Abu Dhabi’s Taqa falls 82% on one-off items Taqa confirms potential buyout of Spain’s Naturgy Taqa secures funding for $444m desalination project The fall was due to the natural decline in production and decommissioning activity associated with the group’s late-life UK assets. Taqa said net profit rose 21 percent to AED2.3 billion in the second quarter of 2024 from AED1.9 billion a year ago. Revenue fell 2 percent annually to AED13.5 billion.
