Abu Dhabi National Energy Company (TAQA), the capital’s integrated utilities company, delivered a 3.8 per cent year-on-year growth in revenue, reaching AED14.2 billion (US$3.87 billion).
In a quarter when ongoing volatility in the commodity market and a declining production profile in oil and gas created its own challenges, TAQA attributed the growth in revenue to higher pass-through items in its Transmission and Distribution (T&D) business.
Despite the topline growth, TAQA’s EBITDA declined by 6.7 per cent to AED 5.3 billion (US$1.44 billion) and net income fell by 1.5 per cent to AED2.1 billion (US$570 million). Despite these headwinds, the stable performance of TAQA’s core utilities business continued to provide support for the group’s overall results.
Business unit performance
Transmission and distribution reported combined revenues of AED9.1 billion (US$2.48 billion), EBITDA of AED2.4 billion (US$650 million), and net profit of AED1.4 billion (US$380 million).
Generation business delivered revenues of AED2.9 billion (US$790 million), with EBITDA of AED1.7 billion (US$460 million), and net profit of AED238 million (US$64.8 million).
Water solutions saw revenues of AED636 million (US$173.2 million), EBITDA of AED397 million (US$108.1 million), and net profit of AED167 million (US$45.5 million).
In oil and gas, revenues were AED1.5 billion (US$410 million), EBITDA stood at AED546 million (US$148.67 million), and net profit was AED347 million (US$94.5 million).
Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, commented: “Our first-quarter performance demonstrates the resilience of our core utilities business and shows that we are continuing to make progress in the successful delivery of our growth strategy. TAQA delivered solid revenue growth and has laid strong foundations for the remainder of 2025.
“TAQA’s leadership in the global low-carbon transition is reinforced by our continued expansion in renewables through Masdar and key international acquisitions. With a strong balance sheet, robust cash flow, and a clear roadmap aligned with both national and global energy goals, we are well-positioned to drive sustainable growth and create long-term value for our stakeholders.”
During the first quarter, TAQA, with its stake in Masdar, was involved in several initiatives that expands its global renewables portfolio. This included Masdar’s Saeta Yield platform acquiring the 243 MW Valle Solar project in Spain, as well as a 49.99 per cent stake in four of Endesa’s solar assets, totalling 446 MW, pending regulatory approvals.
Additionally, Masdar is developing the world’s first giga-scale ‘round-the-clock’ renewables project in Abu Dhabi, combining 5.2 GW of solar capacity with 19 GWh of battery storage to deliver 1 GW of continuous clean energy.
