Q2 2024 Abu Dhabi National Energy Company PJSC Earnings Call Transcript
Key Points
- The utility segment performed well, with the consolidation of SWS Holding enhancing the underlying performance.
- Adjusted EBITDA increased by 2% year-on-year, driven by transmission and distribution and SWS.
- Net profit saw an 18% increase, supported by contributions from the oil and gas segment.
- Free cash flow nearly doubled year-on-year to AED4 billion, aided by positive working capital changes.
- The company improved its ESG disclosure standards by reporting on Scope 3 emissions.
- Overall revenues declined slightly compared to Q2 2023, mainly due to the oil and gas and generation segments.
- The oil and gas segment experienced a 39% year-on-year decrease in revenues due to lower commodity prices and reduced production.
- Generation revenues decreased by 6% year-on-year, primarily due to lower pass-through fuel revenue in Morocco.
- The oil and gas segment's adjusted EBITDA fell by 23% due to lower commodity prices and reduced production.
- The group-wide average interest cost increased slightly to 4.8%, impacted by the repayment of corporate bonds.
Recording in progress.
Hello, everyone. Welcome to TAQA's Q2 2024 results call. My name is Asjad Yahya, the Head of Investor Relations, and I'm joined by our CFO, Steve Ridlington. Please note, this session is being recorded, and by participating in this meeting, you consent to the recording.
This presentation will follow the usual script. Steve and I will walk through you through the operating highlights and the financial performance of this period, and we will then open the floor for Q&A session.
I'll now pass over to Steve, who will guide you through the key highlights of Q2 2024.
Thank you, Asjad, and thanks all for being with us today. So turning to slide 5, which shows the results overview. Q2 were proved to be another healthy quarter for TAQA.
Our utility segment continued to perform well with the consolidation of SWS Holding,
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