Abu Dhabi National Energy Co PJSC (ADX:TAQA)

Q3 2024 Abu Dhabi National Energy Company PJSC Earnings Call Transcript

Nov 13, 2024 / 10:59 AM GMT

Release Date Price: د.إ2.85

Transcript

Key Points

Positve

The utility business performed strongly, offsetting declines in the oil and gas segment.
Revenues for the quarter increased by 14% year on year, driven by transmission, distribution, and Taqa Water Solutions.
EBITDA and net profits rose by 11% and 15% year on year, respectively.
The company received an ESG rating upgrade to 'A' from MSCI, reflecting strong sustainability efforts.
Successful financial closing of significant projects, including the acquisition of a 50% stake in Terragen, a major renewable energy producer in the US.

Negative

The oil and gas segment continued to experience a decline in revenues due to lower commodity prices and reduced production.
Negative free cash flow for the quarter was reported, attributed to significant CapEx and investment spending.
Interest income declined by 29% year on year due to cash utilization for CapEx and investments.
Average realized oil and gas prices decreased significantly, impacting financial performance.
Net income for the first nine months of 2024 dropped by 59% on a reported basis, affected by a deferred tax charge and the absence of a prior one-off gain.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TAQA.AD - Abu Dhabi National Energy Company PJSC
Q3 2024 Abu Dhabi National Energy Company PJSC Earnings Call
Nov 13, 2024 / NTS GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone. Welcome to our Q3 2024 results call.

My name is SIA and I head Mr Relations at par. I am joined by our CFO Steve.

Please note that this session is being recorded And by participating in this meeting, you can send to the recording. This presentation will follow the EUR script, Steve and I will walk you through our operating highlights and the financial performance of the quarter. We will then open the floor for Q&A. I'll now pass it over to Steve who will guide you through the key highlights of Q3 2024.

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Unidentified_2 [2]
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