Abu Dhabi Future Energy Company - Masdar (MASDAR) H2 2024 earnings summary

Executive summary

• Revenue declined 4% to AED 3,422 million for 2024, but net profit rebounded to AED 412 million from a loss of AED 45 million in 2023.

• Total assets surged to AED 59,790 million, reflecting major acquisitions and investments.

• Major acquisitions included Terna Energy (Greece) and Saeta Yield (Spain), expanding the renewable portfolio.

• Significant investments in associates and joint ventures, notably Terra-Gen Power Holdings II LLC and Enel Green Power España Solar 1 S.L.

• Board and management changes included new appointments and resignations.

Financial highlights

• Revenue: AED 3,422 million (down from AED 3,559 million year-over-year).

• Net profit: AED 412 million (vs. loss of AED 45 million year-over-year).

• Gross profit: AED 1,514 million (up from AED 846 million year-over-year).

• Total assets: AED 59,790 million (up from AED 18,246 million year-over-year).

• Total equity: AED 29,008 million (up from AED 9,805 million year-over-year).

Outlook and guidance

• Management expects continued growth from recent acquisitions and pipeline projects.

• No material impact expected from new UAE minimum tax rules for 2024.

• Ongoing focus on expanding renewable energy capacity and geographic diversification.