Abu Dhabi National Energy Company (TAQA) reported a 15.4% increase in net profit for Q3 2024, reaching AED 1.87 billion ($509.13 million), up from AED 1.62 billion in the same period last year. Revenue surged 15% year-over-year to AED 14.56 billion, driven by the integration of TAQA Water Solutions, formerly known as Sustainable Water Solutions Holding Company.

For the first nine months of the year, net income rose 13% YoY to AED 6.3 billion, excluding one-off items, while revenues increased 6% YoY to AED 41.7 billion. Free cash flow for this period stood at AED 2.9 billion, down from AED 10.22 billion last year, due to increased investments in Masdar and capital projects. TAQA also reported a year-over-year reduction in gross debt to AED 60.6 billion, supported by the repayment of AED 3.5 billion in matured corporate bonds and AED 2.2 billion in scheduled loan repayments.