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Abu Dhabi National Energy Company (TAQA) posted a Q2 2024 net profit attributable to shareholders of 2.33 billion dirhams ($634 million), up 18% year-on-year, supported by its transmission and distribution, and water businesses.
The net profit beat analysts’ mean estimate of AED 2.11 billion, according to LSEG data.
Q2 gross revenues hit AED 13.5 billion, a shade lower than in the prior-year period.
H1 net profit was AED 4.4 billion, versus AED 13.6 billion in the same period of 2023.
For the six months ended June, the energy group had a capex of AED 3.8 billion, 91% higher than the year-ago period, while free cash flow was AED 4.3 billion, down AED 2.1 billion.
TAQA's board approved an interim dividend payment of 0.70 fils per share, totalling AED 787 million.
(Reporting by Brinda Darasha; editing by Seban Scaria)