Abu Dhabi National Energy Company (TAQA) said net profit attributable for the third quarter of 2024 rose 15.4% to 1.87 billion dirhams ($509.13 million) from AED 1.62 billion a year ago.

Revenue jumped 15% year on year (YoY) to AED 14.56 billion, bolstered by the integration of TAQA Water Solutions (formerly Sustainable Water Solutions Holding Company).

Net income attributable for the nine-month period rose 13% YoY to AED 6.3 billion, excluding one-off items. Revenues increased 6% YoY to AED 41.7 billion.

Free cash flow generation for the nine-month period stood at AED 2.9 billion, down from AED 10.22 billion, primarily due to increased investments to Masdar and capital investment.

Gross debt fell YoY to AED 60.6 billion, primarily due to the repayment of AED 3.5 billion of matured corporate bonds and scheduled loan repayments of AED 2.2 billion.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)