By: AGBI

Abu Dhabi National Energy Company (Taqa) said net profit for the first half of this year fell 20 percent year on year due to the ceasing of production from four UK projects and lower oil prices.

The bottom line of the energy major fell to AED3.7 billion ($1 billion) in the first six months from AED4.6 billion a year earlier.

Taqa is involved in decommissioning North Sea oil and gas platforms and connecting offshore wind farms to the UK grid. It is also an investor in the Xlinks subsea HVDC cable project between Britain and Morocco.

The company’s reported a 5 percent year-on-year increase in revenue in the first half of 2025, reaching AED28.4 billion. This was due to higher costs being passed on to customers in the transmission and distribution segment.

Net profit for the second quarter fell 33 percent annually to AED1.6 billion. Revenue rose 5 percent year on year to AED14.2 billion.

“Despite headwinds, we continued to make tangible progress on priority projects across generation, water and transmission, increasing system flexibility and expanding our global portfolio,” said group CEO Jasim Husain Thabet.

Taqa reduced its gross debt position to AED62 billion, driven by scheduled repayments and the maturity of a corporate bond.

At the same time, its capital expenditure in the six-month period directed toward flexible generation, transmission upgrades and desalination projects rose to AED5.2 billion.

The company’s board has approved an interim dividend of 0.75 fils per share for the second quarter of 2025.

State-run Abu Dhabi Power Corporation owns 90 percent of Taqa.

The company’s share closed at AED3.35 on the Abu Dhabi Securities Exchange on Wednesday. The stock is down 2 percent year to date.