TAQA First-Half Profit Rises 9.7% to $1.1B as Utilities Offset Oil and Gas

Abu Dhabi National Energy Company (TAQA) lifted first-half 2026 net income attributable to shareholders by 9.7% year on year to $1.1 billion (AED 4.1 billion). Revenue fell 2.6% to $7.5 billion (AED 27.5 billion) from $7.7 billion (AED 28.2 billion). Utility growth offset the drop in oil and gas output, which is why earnings moved in the opposite direction to revenue.

The revenue decline was driven by lower pass-through revenues in TAQA's distribution business, extension works at Shuweihat 1 power plant, and reduced oil and gas production after the decommissioning of North Sea assets. Those headwinds did not stop the wider business from growing.

EBITDA climbed 7.7% to $3 billion (AED 11 billion), from $2.8 billion (AED 10.2 billion) a year earlier. Capital expenditure jumped 38% to $2 billion (AED 7.2 billion). Free cash flow declined to $1.25 billion (AED 4.6 billion) from $1.9 billion (AED 7 billion). The board approved a second-quarter interim dividend of 0.8 fils per share, totaling about $245 million (AED 899 million).

Chief executive Jasim Husain Thabet linked the results to the scale of TAQA's platform.

“Our integrated model gives us the stability and financial strength to keep investing in the power and water infrastructure needed for decades to come.”

New projects are lining up to absorb that investment. EWEC awarded the 2.6-gigawatt Taweelah C Independent Power Producer project to a consortium led by TAQA with a 60% stake. TAQA and ADNOC signed a 27-year utilities purchase agreement for the TA'ZIZ Industrial Chemicals Zone in Ruwais. TAQA Water Solutions, Etihad Water and Electricity and Saur International agreed with the Government of Ras Al Khaimah to develop a wastewater treatment plant with 60,000 cubic meters per day of capacity, serving up to 300,000 people.

TAQA also refinanced Al Dhafra Solar Photovoltaic Independent Power Plant through an $870.75 million (AED 3.2 billion) green bond issuance with EWEC, Masdar, EDF Power Solutions and Jinko Power. Forbes Middle East ranked TAQA fourth on its 100 Most Valuable Companies 2026 list.

Masdar expanded on several fronts. It signed a binding agreement with TotalEnergies to establish a $2.2 billion joint venture for onshore renewables across Asia. It agreed with Repsol to acquire a 50% stake in a $979.2 million (EUR 849 million), 705-megawatt operational renewables portfolio in Spain, with potential for 565 megawatts of future hybridisation growth. It also secured Contracts for Difference for 3 gigawatts of offshore wind capacity across the Dogger Bank South projects in the UK.

Ownership has consolidated under Abu Dhabi state entities. Abu Dhabi Power Corporation held 98.1% of TAQA's issued share capital as of June 10, and on June 12 it issued a mandatory acquisition notice for all remaining shares. AD Power is fully owned by ADQ, which is wholly owned by Abu Dhabi Developmental Holding Group. The Government of Abu Dhabi is the ultimate controlling party.

In August 2025, TAQA agreed to acquire a 100% interest in GS Inima from GS Engineering and Construction.

That ownership concentration gives TAQA room to take on long-cycle power and water investments, including the GS Inima deal, while continuing to return cash to shareholders through the approved interim dividend.