Meet Jasim Husain Thabet, the dynamic Group CEO and Managing Director of Taqa.

Taqa - The Abu Dhabi National Energy Company, a key player in providing integrated utility services across Europe, Middle East and Africa, disclosed its Q1 2025 revenue figures to be Dh14.2 billion. Showcasing a commendable year-on-year uplift of 3.8%, it was predominantly driven by the enhancement in pass-through items in the Transmission and Distribution (T&D) segment.

Sure, there were some bumps in the road! The net income saw a minor fall of 1.5% to Dh2.1 billion, a consequence of fluctuating commodity prices and decreasing oil and gas production. Ebitda too experienced a drop of 6.7%, reporting at Dh5.3 billion. Nonetheless, Taqa's core utilities business proved its mettle, providing stability amidst these fluctuations.

In an expression of self-assurance about their financial robustness, Taqa's board greensignaled an interim dividend of 0.75 fils per share. The company, as part of its growth plan, is intensifying its worldwide expansion in renewable energy via its stake in Masdar. Concurrently, it's also aligning itself to fulfill UAE's ambitious AI Strategy outlined for 2031.

In the renewable realm, Taqa’s offshoot Masdar made impressive strides in Q1. It acquired the 243 MW Valle Solar project in Spain through its Saeta Yield platform. In addition, Masdar has also struck a deal to acquire a 49.99% stake in four of Endesa S.A.’s solar assets. This expands their portfolio by another 446 MW, though it's still pending regulatory approval.

Down in Abu Dhabi, Masdar is hard at work developing a trailblazing 5.2 GW solar project with 19 GWh of battery storage, capable of delivering a massive 1 GW of continuous clean energy. This marks the inception of the world's first giga-scale round-the-clock renewables initiative. Post this quarter, a power purchase agreement has been inked between TAQA and Emirates Water and Electricity Company (EWEC) for the 1 GW Al Dhafra Thermal plant, which promises resilient, dispatchable capacity.

Taqa Transmission is looking forward to investing in cutting-edge grid infrastructure to assimilate gas and renewable energy. This step forwards supports high-performance computing and critical digital infrastructure pivotal for AI. Altogether with Masdar's renewable initiatives, Taqa is projected to pump an estimated Dh36 billion in investments in forthcoming years.

Strengthening its international presence, Taqa Transmission amplified its portfolio by taking over Transmission Investment (TI). TI is a UK-based platform operating offshore transmission assets (OFTO), connecting wind farms to the grid and aiding subsea interconnectors. This not only fortifies Taqa’s role in global energy transition but also augments its capability to provide sustainable infrastructure.

Breaking down the financial contribution of each segment, the T&D division reported revenues of Dh9.1 billion, Ebitda of Dh2.4 billion, and net profit of Dh1.4 billion. The Generation arm clocked revenues of Dh2.9 billion, Ebitda of Dh1.7 billion, and a net profit of Dh238 million. Taqa Water Solutions posted revenues of Dh636 million, Ebitda of Dh397 million, and net profit of Dh167 million, while the Oil and Gas division recorded revenues of Dh1.5 billion, Ebitda of Dh546 million, and net profit of Dh347 million.

Addressing the financial quarter, Jasim Husain Thabet, Taqa’s charismatic CEO, spotlighted the company's hardiness and strategic strides in his statement. He confidently claimed, “Our Q1 results exemplify the vitality of our utilities business and our dedication towards growth. We are actively fuelling the worldwide low-carbon transition with Masdar’s renewable expansions and key mergers. Our alignment with UAE’s energy and AI targets reinforces this commitment." He asserted Taqa's robust balance sheet and cash flow, ascertaining the company's preparedness to generate long-term value for its stakeholders.