Abu Dhabi Future Energy Company - Masdar (MASDAR) H1 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 was AED 1,262 million, up from AED 781 million year-over-year, driven by growth in concession revenue and special projects.

• Net profit attributable to equity holders reached AED 111 million, compared to AED 26 million in the prior year period.

• Total assets increased to AED 25.5 billion from AED 18.2 billion at year-end 2023, reflecting significant investments and capital contributions.

• The group continued to expand its renewable energy portfolio through acquisitions and joint ventures across multiple geographies.

Financial highlights

• Gross profit rose to AED 287 million from AED 268 million year-over-year.

• Operating cash flow was negative AED 493 million, compared to positive AED 274 million in the prior year, mainly due to higher working capital outflows.

• Net cash from financing activities was AED 5.9 billion, supported by AED 2.6 billion in additional shareholder contributions and AED 3.6 billion in new borrowings.

• Investments in associates and joint ventures increased by AED 2.7 billion, with major acquisitions in the UK offshore wind sector.

• Cash and cash equivalents stood at AED 4.4 billion at period end, up from AED 2.5 billion at year-end 2023.

Outlook and guidance

• Post-period, Masdar completed a USD 1 billion green bond issuance and announced major acquisitions in Spain, Portugal, the US, and Greece, signaling continued aggressive expansion.

• The group expects further growth in renewable energy capacity and geographic diversification, with several transactions pending completion.