Latest news with #AED10.8
Zawya
16-04-2025
- Business
- Zawya
e& AGM approves dividend for FY 2024
ABU DHABI - e& held its Annual General Meeting (AGM) today, where shareholders reviewed the Group's 2024 performance and reaffirmed their confidence in its transformation into a leading global technology group. The AGM approved the Board's recommendation for FY 2024 of cash dividend of 83 fils (AED0.83) per share for the fiscal year 2024 — further reinforcing e&'s commitment to delivering consistent value through a progressive dividend policy announced last year for its shareholders. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, stated, '2024 was another successful year marked by accelerated growth and impressive progress with our strategy to transform into a global technology company. 'e& delivered record consolidated revenues of AED59.2 billion growing 10.1 per cent, and record net profit of AED10.8 billion, growing 4.3 per cent in 2024. These achievements were underpinned by key strategic decisions made by the Board, including progressing on geographic expansion and revenue diversification and scaling up digital verticals. These measures have not only reinforced our financial resilience but also positioned e& to capitalise on new opportunities while ensuring sustainable long-term value for our stakeholders.' Alzaabi added, 'As we look to the future, e& is committed to growth and transformation across 38 countries in the Middle East, Africa, Asia, and Central and Eastern Europe. Our ambition is to innovate, lead, and deliver greater value for those we serve. Together, we will continue shaping a brighter, more digitally empowered future.' Hatem Dowidar, Group Chief Executive Officer of e&, said, '2024 was a year of 'more' — more impact, more opportunities, more growth, and more passion for excellence. It marked a successful chapter in our transformation journey as we continued to evolve into a global technology leader. We leveraged our presence of telecom and digital services across 38 countries to deliver enhanced dividends and a stronger performance, cementing trust among our stakeholders. Through superior connectivity, advanced digital solutions, and AI-driven innovations, we will continue to empower our customers and the communities we serve. 'As we look ahead, we do so with a clear vision: to lead with purpose, collaborate with impact, and innovate for the future. 2025 will see us deepen our focus on digital transformation, scale our AI and data-driven solutions, and drive inclusivity in technology access. With the support of our talented teams, trusted partners, and loyal customers, we are poised to continue empowering communities, transforming industries, delivering sustainable value for generations to come, and always go for more.' e& strengthened its global leadership through strategic investments and high-impact initiatives. The Group was recognised as the 'World's Fastest-Growing Brand' by Brand Finance and expanded its footprint through landmark partnerships and acquisitions. e& UAE earned global recognition for delivering the fastest mobile network speeds worldwide — a clear reflection of its continued leadership in 5G innovation and infrastructure. e& has delivered record financial performance in 2024, reporting a consolidated net profit of AED10.8 billion, an increase of 4.3 percent year-over-year (YoY). This milestone reflects three years of strategic transformation, reinforcing the Group's position as a global technology group. Consolidated revenues reached AED59.2 billion, growing 10.1 percent driven by growth across all business verticals. Consolidated EBITDA rose by 2.7 percent YoY at constant exchange rates, reaching AED26.5 billion. The group's total subscriber base grew to 189.3 million, marking an 11.7 percent increase compared to 2023. KN
Zawya
26-02-2025
- Business
- Zawya
E& reports $2.9bln in net profit in 2024
ABU DHABI: e& has delivered record financial performance in 2024, reporting a consolidated net profit of AED10.8 billion, an increase of 4.3 percent year-over-year (YoY). This milestone reflects three years of strategic transformation, reinforcing the Group's position as a global technology group, the Group said in a statement Tuesday. Consolidated revenues reached AED59.2 billion, growing 10.1 percent and 12.6 percent in constant exchange rates, driven by growth across all business verticals. Consolidated EBITDA rose by 2.7 percent YoY at constant exchange rates, reaching AED 26.5 billion. e& UAE continued its solid growth trajectory, with its subscriber base surpassing 15 million, representing an increase of 5.4 percent compared to the previous year. The group's total subscriber base grew to 189.3 million, marking a 11.7 percent increase compared to 2023. e& sustained strong growth across all verticals, expanding its portfolio while doubling down on connectivity and digitalisation. By driving innovation and long-term value creation, the group remains committed to delivering sustainable returns to its shareholders. Demonstrating this commitment, we delivered on the first year of our 3-year progressive dividend policy with an incremental increase of 3 fils (AED 0.03) every year for the fiscal years 2024, 2025, and 2026. This policy is set to elevate dividend per share (DPS) to reach 89 fils (AED 0.89) by FY 2026, reflecting the group's confidence in its continued financial strength and growth prospects. For FY 2024, the board has proposed a cash dividend of 41.5 fils (AED 0.415) per share for the second half (July to December) of 2024, bringing the total annual dividend to 83 fils (AED 0.83) per share—further reinforcing e&'s commitment to delivering consistent value to its shareholders. Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&, said: '2024 was a year of growth, driven by bold vision, AI-driven innovation, and relentless commitment to digital empowerment. Emerging as the 'World's Fastest Growing Brand' and establishing our first operational footprint in Europe were defining moments in e&'s journey. With a net profit of AED 10.8 billion and subscribers growing to 189.3 million, our performance reflects our strategic foresight and unwavering focus on value creation. Beyond financial success, real growth is measured in impact. Guided by the UAE's visionary leadership, we continue to drive economic progress, empower businesses, and transform lives across three continents. "Our investments in AI ecosystems, intelligent platforms, and industry-defining solutions reinforce our role as a catalyst for change. At the heart of our success is our talent—the driving force of our innovation. Our leadership in Emiratisation and commitment to workforce upskilling is not just a business responsibility but a strategic advantage. By equipping the next generation with AI and digital expertise, we are building the UAE's digital future and cultivating leaders who will drive global we move forward, we will continue to leverage technology as a force for progress— where AI enhances lives, networks fuel digital economies, and every connection we build opens doors to something greater.' Hatem Dowidar, Group Chief Executive Officer, e&, added: 'In 2024, we accelerated our transformative journey as a Global Technology Group—scaling AI, expanding into Europe, and driving impact across three continents. Our consolidated revenues surpassed AED 59.2 billion, growing by 10.1 percent year-over-year, while consolidated EBITDA rose 2.7 percent in constant currency to AED 26.5 billion. Our financial performance reflects the trust we've built, the bold investments we've made, and the transformative added value we continue to create. A landmark achievement was e&'s expansion into Central and Eastern Europe with the majority acquisition of PPF Telecom's assets, adding over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia. This move strengthens our global presence, unlocks scalable digital solutions, and fosters digital inclusion. Additionally, our acquisition of GlassHouse expanded our cloud, data, and SAP capabilities across Türkiye, South Africa, and Qatar, strengthening our leadership in enterprise digital transformation. "These strategic moves are at the core of our long-term aspirations—to build a robust, future-ready digital ecosystem that enables businesses to scale, governments to innovate, and communities to thrive. As we closed 2024, we set out to 'Go for More'- expanding our digital footprint, pioneering AI-driven innovations, and delivering impactful solutions. With a brand portfolio and investments exceeding US$ 20 billion, e& is the World's Fastest Growing Brand, a recognition of our relentless pursuit of innovation and progress. Looking ahead, we are poised for even greater growth and transformation. Our ambition is unstoppable: to lead the digital transformation that creates a lasting positive impact, foster collaboration, and empower societies. We will continue to push the boundaries of AI, scaling intelligent platforms, and ensuring that technology is a force for good, and that every innovation we deliver is a catalyst for progress.'
Zawya
13-02-2025
- Business
- Zawya
Abu Dhabi's Taqa reports net income of $1.93bln in 2024
ABU DHABI - Abu Dhabi National Energy Company PJSC (TAQA) has reported its earnings for the period ending 31st December 2024. The company's revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained growth in Transmission & Distribution (T&D) and the consolidation of TAQA Water Solutions (TAQA WS). Net income was AED7.1 billion, up 1.5 percent compared to the prior year, excluding one-off items (AED10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas and an AED1.1 billion deferred tax charge due to the introduction of the UAE corporate tax. Including these one-off items, net income recorded an AED9.6 billion year-on-year decline. EBITDA was AED21.4 billion, up 5.9 percent compared to the prior year, excluding the AED10.8 billion related to the acquisition of a 5 percent stake in ADNOC Gas. Capital expenditure increased by 63.8 percent to AED9.2 billion, primarily driven by construction progress in the Mirfa 2 Reverse Osmosis (M2 RO) and Shuweihat 4 Reverse Osmosis (S4 RO) desalination projects, timing and phasing of project execution within T&D and the inclusion of TAQA WS. Free cash flow generation amounted to AED2.6 billion, down from AED13.9 billion in 2023, reflecting increased investments in Masdar, capital investment across Generation, T&D and Water Solutions and the acceleration of decommissioning activities within oil and gas. Mohamed Hassan Alsuwaidi, TAQA's Chairman, commented, "2024 was a pivotal year for TAQA as it further strengthened its position as a global leader in low-carbon power and water both in the UAE and abroad. TAQA's strong financial results for the year as well as the credit rating of AA by Fitch, which highlights the resilience of its balance sheet, are testimony to this." Jasim Husain Thabet, Group CEO and Managing Director of TAQA, said, "The year was a milestone for TAQA, highlighted by the merger of Abu Dhabi Distribution Company and Al Ain Distribution Company under the new TAQA Distribution brand, alongside the rebranding of our other operating entities in the UAE. This streamlining of our operations strengthens our customer service offering across the Emirate of Abu Dhabi, setting the stage for future growth."
Trade Arabia
13-02-2025
- Business
- Trade Arabia
TAQA Group reports net income of $1.93bn for 2024
Abu Dhabi National Energy Company (TAQA) has posted a net profit of AED7.1 billion ($1.933 billion) for the year ending December 31, 2024, marking a 1.5% year-on-year increase when excluding one-off items. The company's total revenue surged 6.7% to AED55.2 billion ($15.03 billion). The revenue rise was driven by strong performance in its Transmission & Distribution (T&D) business and the consolidation of TAQA Water Solutions (formerly SWS Holding). EBITDA stood at AED21.4 billion, up 5.9% year-on-year, excluding the AED10.8 billion one-off cost related to its 5% stake acquisition in Adnoc Gas. When including this item, EBITDA saw a 31% decline. Meanwhile, capital expenditure rose 63.8% to AED9.2 billion ($2.5 billion), largely due to the ongoing development of the Mirfa 2 and Shuweihat 4 Reverse smosis desalination projects, along with phased investments in T&D and TAQA WS. Despite the impact of UAE corporate tax, which resulted in a AED1.1 billion deferred tax charge, TAQA's underlying financial strength remains solid, supported by its robust utilities operations, the company said. OTHE FINANCIAL HIGHLIGHTS • Free cash flow generation amounted to AED2.6 billion, down from AED13.9 billion in 2023, reflecting increased investments in Masdar, capital investment across Generation, T&D and Water Solutions and the acceleration of decommissioning activities within oil and gas. • Gross debt was AED64.1 billion, up from AED61.7 billion at the end of 2023, primarily due to the issuance of an aggregate AED6.4 billion in 7-year and 12-year dual-tranche corporate bonds, consolidation of AED1.5 billion in project debt from the acquisition of SWS Holding and AED1.4 billion for the construction of the M2 RO and S4 RO desalination projects, offset by the repayment of AED3.5 billion in matured corporate bonds, AED2.9 billion in scheduled loan repayments and AED0.5 billion of other minor movements. Operational Highlights • Transmission network availability for power and water reached 98.7%, marginally higher from 98.4% in 2023. • Generation global commercial availability marginally improved to 98.0% from 97.9% in the previous year. • Water Solutions asset availability stood at 95.3%, reflecting strong operational performance. • Oil & Gas production decreased 5.9% year-on-year to 101.4 mboe/d. This fall is mainly due to the natural decline in production and decommissioning activity, primarily as a result of the cessation of production of four UK assets as the Company transitions its focus towards safe and efficient decommissioning. Strategic Highlights • Distribution businesses Abu Dhabi Distribution Company (ADDC) and Al Ain Distribution Company (AADC) have been merged under single entity with a new brand, TAQA Distribution. The merger is expected to improve customer experience and strengthen internal capabilities by enhancing scale and unlocking further opportunities for operational excellence and growth. • TAQA launched a new brand identity for its group of companies. This move marks a milestone in the transformation and growth of the Company and underpins its strategy to grow through delivering integrated power and water services in the UAE and internationally. • TAQA continues to expand its portfolio (including Masdar) domestically and internationally: -- UAE: The Taweelah Reverse Osmosis (RO) Independent Water Plant achieved full commercial operation in Q1. With a capacity of 200 MIGD, Taweelah RO is one of the world's largest RO desalination plants. -- Saudi Arabia: This is a key international target market for TAQA and significant progress was made on a number of projects in the Kingdom in 2024, as below: * Financial close was achieved for Juranah Independent Strategic Water Reservoir Project, a strategic water infrastructure project aimed at addressing emergency municipal water demand across the Kingdom, specifically in the Makkah region during the Hajj season. The project is being developed by TAQA in conjunction with partners Vision Invest and GIC Consortium. * Financial close was achieved for Najim Cogeneration Company, a new industrial steam and electricity cogeneration plant that will supply up to 475 MW of electricity and approximately 452 tonnes per hour (tph) of steam to a petrochemical complex located in Jubail in the Eastern Province of the Kingdom. TAQA will own 51% of the plant, with JERA owning the remaining 49%. * Two 25-year Power Purchase Agreements (PPAs) were signed by a consortium of TAQA, JERA and Al Bawani, with Saudi Power Procurement Company (SPPC) to develop two new greenfield power projects, one each in Rumah and Al Nairyah, with a combined capacity of 3.6 GW. The two new plants will be developed as highly efficient combined cycle gas power plants, by respective special purpose entities owned by TAQA (49%), JERA (31%) and Al Bawani (20%) with operation and maintenance (O&M) of the plants to be undertaken through respective O&M special purpose entities having the same shareholding structure. -- North America: Masdar acquired a 50% stake in Terra-Gen Power Holdings II, significantly expanding its presence in the US renewables market. Terra-Gen's gross operating portfolio at the time of acquisition comprised 3.8 GW of wind, solar and battery storage projects, including 5.1 GWh of energy storage facilities across 30 renewable energy sites throughout the US. -- Europe: Masdar also completed three key acquisitions in Europe, expanding its footprint in the continent: * Masdar completed the acquisition of Saeta Yield from Brookfield Renewable. Saeta is an established renewables platform with an operating portfolio of 745 MW of predominantly wind assets (at the time of acquisition), and a 1.6 GW development pipeline in Spain and Portugal. * Masdar and Endesa S.A. finalised a partnership agreement to advance renewable energy initiatives in Europe. Under this agreement, Masdar has acquired a 49.99 percent stake in EGPE Solar, a subsidiary of Enel Group's Endesa. EGPE, at the time of acquisition, owned a 2 GW portfolio of operational photovoltaic (PV) assets in Spain. * Masdar also enhanced its renewable energy portfolio in Greece and the EU, through acquisition of Terna Energy, which had an operating capacity of 1.2 GW at the time of acquisition and targeting 6 GW of operational renewable capacity by 2029. • Adding water sector capabilities: 2024 witnessed the completion of 100% acquisition of SWS Holding by TAQA. Rebranded to TAQA Water Solutions, it is the sole entity responsible for wastewater collection and treatment as well as production of recycled water in the Emirate of Abu Dhabi. This acquisition expands TAQA's capabilities in managing water and complements its existing portfolio, while adding significant value to the Company's asset base (regulated asset value of around AED 17.5 billion, with a network of approximately 13,000 km of sewer pipelines and water treatment capacity of approximately 1.3 million cubic meters). • Oil & Gas: Key developments during 2024 in the Oil & Gas business include: -- The sale of TAQA's stake in the Atrush oil field in the Kurdish Region of Iraq. -- TAQA is also making significant progress in the UK, transitioning its focus towards safe and efficient decommissioning. Cessation of production at its North Cormorant, Cormorant Alpha, Eider and Tern platforms means that during 2024 the company has ended production in the Northern North Sea -- Onshore gas production in the Netherlands was ceased, 50 years after the start of production in the Dutch Alkmaar region. •Strong access to capital markets: - Fitch Ratings upgraded TAQA's rating to 'AA', up from 'AA-', demonstrating its strong balance sheet. - TAQA issued $1.75 billion (~AED 6.4 billion) in dual-tranche bonds (7-year and 12-year notes) in October. The $850 million (~AED 3.1 billion) 12-year notes represent TAQA's second green bond issuance, the net proceeds of which are being used to finance, refinance and invest in relevant eligible green projects, as outlined in the Company's Green Finance Framework. Mohamed Hassan Alsuwaidi, TAQA's Chairman, commented: '2024 was a pivotal year for TAQA as it further strengthened its position as a global leader in low-carbon power and water both in the UAE and abroad. TAQA's strong financial results for the year as well as the credit rating of AA by Fitch, which highlights the resilience of its balance sheet, are testimony to this. "Throughout 2024, TAQA continued its growth, marked by key milestones such as the successful closing of the TAQA Water Solutions acquisition as well as strategic investments in international power generation projects. "The robust performance across TAQA's businesses demonstrates its commitment to driving long-term value for its shareholders while positively contributing to the economic progress and environmental goals of the communities it serves.' Jasim Husain Thabet, Group CEO and Managing Director of TAQA, said: 'TAQA's strong financial performance in 2024 was driven by robust results across our businesses. The year was a milestone for TAQA, highlighted by the merger of Abu Dhabi Distribution Company and Al Ain Distribution Company under the new TAQA Distribution brand, alongside the rebranding of our other operating entities in the UAE. This streamlining of our operations strengthens our customer service offering across the Emirate of Abu Dhabi, setting the stage for future growth. "On the water side, we also expanded our capabilities in water treatment and reuse through the integration of TAQA Water Solutions, adding AED17.5 billion to our regulated asset value." He added: 'Internationally, we made notable progress, particularly in the Kingdom of Saudi Arabia where we reached financial close for two of our projects, the Juranah Strategic Water Reservoir in Makkah region and the Najim Cogeneration Plant in Jubail, and signed project agreements with our partners to develop two high-efficiency gas power plants, one each in Rumah and Nairyah, with a combined capacity of 3.6 GW, further strengthening our presence in the Kingdom. "Through Masdar, we took significant steps toward achieving our 2030 target of 100 GW of global renewable capacity, with several key acquisitions, including Terra-Gen in the US, Terna Energy and Saeta in Europe as well as a significant share in Endesa's renewables portfolio in Spain.
