Masdar First-Half Profit Rises 564% to $88.2M as Revenue Doubles

Masdar's first-half profit hit $88.2 million (AED 323.8 million), a 563.9 percent jump from $13.3 million (AED 48.8 million) in the prior-year period. Higher concession revenue and a bigger contribution from equity-accounted investees drove the increase.

Revenue totalled $932.8 million (AED 3.4 billion) for the six months to June 30, against $471 million (AED 1.7 billion) a year earlier. Gross profit rose 57.4 percent to $309.6 million (AED 1.14 billion) from $196.7 million (AED 722.3 million). Profit before tax climbed 777 percent to $135.2 million (AED 496.6 million), compared with $15.4 million (AED 56.6 million).

Masdar's share of results from equity-accounted investees grew 60.6 percent to $142.6 million (AED 523.7 million) from $88.8 million (AED 326.1 million). Finance income added 29.3 percent to reach $39.1 million (AED 143.5 million), while finance expenses were $189.2 million (AED 695 million), up 3.2 percent from $183.3 million (AED 673.3 million).

Second-quarter profit rose 361 percent to $16.4 million (AED 60.3 million) from $3.6 million (AED 13.1 million). Quarterly revenue climbed 160 percent to $531.1 million (AED 1.95 billion) from $204.3 million (AED 750.2 million).

Concessions drive the top line

Concession revenue was the fastest-growing line, up 263.7 percent to $573.2 million (AED 2.11 billion) from $157.6 million (AED 578.8 million). Construction revenue within that category rose 354.3 percent to $515.6 million (AED 1.89 billion), against $113.5 million (AED 416.8 million). Interest income from service concessions contributed $45 million (AED 165.3 million) and operating revenue from concessions $12.6 million (AED 46.3 million).

Renewable power generation revenue advanced 12.1 percent to $335.7 million (AED 1.23 billion) from $299.5 million (AED 1.10 billion).

The UAE was the largest market by revenue at $517.9 million (AED 1.90 billion). Greece followed with $178.5 million (AED 655.6 million), then Uzbekistan at $75.7 million (AED 277.9 million) and the UK at $67.5 million (AED 247.8 million).

Investing outpaces operations

Net cash from operating activities came to $216.5 million (AED 795.2 million), up 240.4 percent from $63.6 million (AED 233.6 million). Net cash used in investing activities climbed 137 percent to $1.62 billion (AED 5.94 billion) from $683 million (AED 2.51 billion), with $520 million (AED 1.91 billion) going into associates and joint ventures.

Capital expenditure reached $349 million (AED 1.28 billion), up 283.3 percent from $91.1 million (AED 334.4 million). Contributions to the Dogger Bank South East and Dogger Bank South West joint ventures totalled $263.3 million (AED 967 million). East Anglia Three Holdings received $235.8 million (AED 866 million) and Infinity Power Holdings $11.7 million (AED 43 million).

Borrowings and commitments

Loans and borrowings stood at $9.17 billion (AED 33.67 billion) at the end of June, up from $8.14 billion (AED 29.91 billion) at the close of 2025. The total included $2.73 billion (AED 10.03 billion) of green bonds and $6.35 billion (AED 23.31 billion) of term loans. Masdar drew $1.28 billion (AED 4.68 billion) in new borrowings during the half and repaid $145.6 million (AED 534.9 million).

Capital commitments reached $2.64 billion (AED 9.68 billion) at June 30, against $882.8 million (AED 3.24 billion) at the end of 2025.

Chief executive Mohamed Jameel Al Ramahi placed 44th in a 2026 ranking of the Middle East's 100 top chief executives. The company's clean-energy portfolio passed 65 gigawatts by the end of 2025, against a target of 100 gigawatts by 2030.