Abu Dhabi National Energy Company (TAQA) on Friday reported first-quarter revenue of AED13.7 billion ($3.73 billion), compared to AED14.1 billion in the same period last year. The decrease was primarily driven by lower revenues from the Oil & Gas business due to lower volumes sold, partially offset by growth in regulated revenues, the company said.
EBITDA increased to AED5.5 billion from AED5.3 billion in Q1 2025, reflecting higher contributions from joint ventures and associates, as well as the stable earnings profile of TAQA’s regulated utilities businesses. Net income attributable to TAQA shareholders remained stable at AED2.1 billion ($571.82 million).
Amid recent regional developments, TAQA operated safely and reliably, maintaining continuity of essential power and water services across its portfolio. TAQA’s business model, supported by a high proportion of regulated and contracted activities, underpinned performance and resilience through the quarter, the group said.
TAQA continued to invest across core infrastructure, with capital expenditure rising to AED3.2 billion, up 45.5% year-on-year, reflecting accelerated investment across power, water, and transmission networks. Free cash flow was AED4.8 billion, in line with the prior year, with higher operating cash flows offset by increased investment in capital projects.
During the quarter, TAQA advanced key partnerships and infrastructure projects across the UAE power and water sectors, including:
* TAQA, EWEC, Masdar, EDF Power Solutions and Jinko Power completed a $870.75 million (AED3.2 billion) green bond issuance to refinance the Al Dhafra Solar Photovoltaic (PV) Independent Power Plant, supporting TAQA’s renewables portfolio and sustainable finance strategy.
* TAQA and ADNOC signed a 27-year Utilities Purchase Agreement to supply critical utilities to the TA’ZIZ Industrial Chemicals Zone in Ruwais, reinforcing TAQA’s role in enabling Abu Dhabi’s industrial growth through reliable and efficient utility infrastructure.
* TAQA Water Solutions, Etihad Water and Electricity and Saur International, signed a long-term agreement with the Government of Ras Al Khaimah to develop the Emirate’s largest wastewater treatment plant, with a capacity of 60,000 cubic metres per day, serving up to 300,000 people.
* Through its leading stake in Masdar, TAQA supported the expansion of renewable energy and sustainable infrastructure in key markets. Notably, in the UK, Masdar and RWE secured Contracts for Difference (CfD) for 3 GW of new offshore wind capacity across the Dogger Bank South projects.
In Q1 2026, TAQA shareholders elected a new Board of Directors, with Jassem Mohammed Bu Ataba Al Zaabi appointed Chairman. TAQA shareholders also approved an updated dividend policy for 2026-2028, maintaining both fixed and variable components, with continued year-on-year growth expected from the fixed dividend.
"As a national champion as well as an international utility industry leader, our priorities throughout this period have been the safety and wellbeing of our people, alongside ensuring the continued delivery of essential power and water to the millions of people who depend on us," he said.
Thabet added: “Backed by stable earnings from our regulated utilities businesses and long-term supply contracts, we continued to invest with discipline in our long-term growth at home and internationally. In the UAE, we progressed strategic projects that support industrial growth, enable the energy transition and reinforce and future-proof our infrastructure."
Internationally, TAQA is progressing with the planned acquisition of GS Inima and developments in Morocco and Saudi Arabia, while continuing to support the growth of Masdar as its largest shareholder. - TradeArabia News Service