Energy Taqa’s capex rises 60% amid new projects By Pramod Kumar February 13, 2025, 2:15 PM Wam Taqa said it remains focused on delivering its 2030 strategy by investing in critical infrastructure Capital expenditure of Abu Dhabi National Energy Company (Taqa) rose by nearly two-thirds to more than AED9 billion ($2.5 billion) in 2024 due to the construction of new projects in the UAE. The spend was primarily focused on the Mirfa 2 and Shuweihat 4 reverse osmosis desalination projects, the company said in a filing to the Abu Dhabi Securities Exchange (ADX) on Thursday. Net income reached AED7 billion in 2024, up 1.5 percent compared to the prior year, excluding one-off items of AED11 billion related to the acquisition of a 5 percent stake in Adnoc Gas and an AED1 billion deferred tax charge due to the introduction of UAE corporate tax. With total assets estimated at around AED200 billion ($54 billion) Taqa is the third largest listed company in the UAE and is one of the top 10 utilities companies in Europe, the Middle East and Africa. The company currently operates in 11 countries across four continents. Taqa among suitors for Germany’s $10bn Uniper UAE companies have mixed success in cutting emissions Taqa confirms potential buyout of Spain’s Naturgy Revenues increased 6.7 percent annually to AED55.2 billion, driven by sustained growth in transmission & distribution and the consolidation of Taqa Water Solutions, which was acquired for AED1.7 billion in September 2024. The company’s board has proposed a final cash dividend of 2.1 fils per share, bringing the 2024 dividend to 4.2 fils per share. “Taqa remains focused on delivering its 2030 strategy by investing in critical infrastructure and expanding internationally,” said CEO Jasim Husain Thabet.
