Abu Dhabi Future Energy Company - Masdar (MASDAR) H2 2023 earnings summary

Executive summary

• Revenue surged to AED 3,352.6 million for 2023, up from AED 621.4 million year-over-year, driven by renewable power generation and service concession activities.

• Loss from continuing operations was AED 44.7 million, compared to a profit of AED 459.5 million in 2022, mainly due to higher direct costs, project expenses, and impairment losses.

• Total assets increased to AED 18,200.0 million as of 31 December 2023, up from AED 11,245.0 million, reflecting significant investments and expansion.

• Equity attributable to shareholders rose to AED 9,807.3 million, supported by additional capital contributions and retained earnings.

• The Board approved the consolidated financial statements on 12 June 2024.

Financial highlights

• Revenue grew 439% year-over-year to AED 3,352.6 million, with a major contribution from construction activities under service concession arrangements.

• Loss for the year from continuing operations was AED 44.7 million, reversing a prior-year profit.

• Total assets rose 62% to AED 18,200.0 million; liabilities increased to AED 8,394.7 million.

• Equity attributable to shareholders increased to AED 9,807.3 million, up from AED 6,519.3 million.

• Net cash used in operating activities was AED 2,498.8 million, while net cash from financing activities was AED 6,970.6 million.

Segment performance

• The Group operates primarily in renewable power generation, with significant revenue from the UK, UAE, and Uzbekistan.

• Major investments in associates and joint ventures, including new stakes in PT Pertamina Geothermal Energy and Baltic Eagle GmbH.

• Service concession revenue and renewable power generation were key revenue drivers.