Abu Dhabi’s TAQA Reports 33% Drop in Q2 Profit Due to Lower Oil Output and Prices
Abu Dhabi National Energy Company (TAQA) said on Thursday that its net profit for the second quarter fell nearly 33% year-on-year to $443 million (AED 1.6 billion). The drop came mainly from weaker results in its oil and gas business, caused by lower oil prices and falling production.
Financial results
Between April and June, TAQA’s EBITA dropped 15% to $1.4 billion (AED 5 billion) compared with the same time last year.
Despite this, total revenue rose to $3.9 billion (AED 14.2 billion), up from $3.7 billion (AED 13.5 billion) a year earlier.
In the first half of the year, profit from its oil and gas unit fell by $67 million (AED 246 million) to $181.6 million (AED 667 million). This was mainly because average oil prices dropped to $66.01 per barrel in Q2, compared with $71.94 per barrel last year.
What leaders said
Chairman Mohamed Hassan Alsuwaidi said that TAQA is continuing to invest in local power and water projects, while also growing abroad, including expansion plans in Morocco.
Group CEO Jasim Husain Thabet added that, despite challenges, the company made progress on key projects in electricity, water, and transmission, which are helping to strengthen its global operations.
Published: 14th August 2025
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