The utility giant has increased its infrastructure investment by 45% despite reporting lower revenue.
TAQA reported a net profit of Dh2.1 billion for the first quarter of 2026, while accelerating investments in UAE power, water, and transmission infrastructure despite lower revenues.
TAQA reported revenues of Dh13.7 billion for the three months ending March 31, down from Dh14.1 billion a year earlier, mainly due to lower sales volumes in its oil and gas segment.
However, EBITDA rose 5.2 per cent year-on-year to Dh5.5 billion. The company also significantly increased capital expenditure to Dh3.2 billion, up 45.5 per cent compared to the same period last year, as it advanced major investments in electricity, water, and transmission infrastructure projects.
The Abu Dhabi-based company said its regulated utilities segment and long-term supply contracts helped support earnings during a period of regional tensions and market uncertainty.
TAQA reported stable free cash flow of Dh4.8 billion, as stronger operating cash flow helped offset higher spending on infrastructure investments.
TAQA also announced that its board has approved a Q1 interim dividend of 0.8 fils per share, amounting to a total payout of Dh899 million.
During the quarter, TAQA and its partners completed a $870.75 million green bond issuance tied to the refinancing of the Al Dhafra Solar Photovoltaic Independent Power Plant in Abu Dhabi. The refinancing involved TAQA, EWEC, Masdar, EDF Power Solutions, and Jinko Power.
TAQA also signed a 27-year utilities purchase agreement with ADNOC to provide utilities for the TA’ZIZ Industrial Chemicals Zone in Ruwais.
In Ras Al Khaimah, TAQA Water Solutions partnered with Etihad Water and Electricity and Saur International to develop what will become the emirate’s largest wastewater treatment plant. The facility will have a capacity of 60,000 cubic metres per day and is expected to serve up to 300,000 residents.
Internationally, Masdar, a TAQA-backed renewable energy firm, secured contracts in the UK alongside RWE for 3GW of offshore wind capacity under the Dogger Bank South projects.
TAQA shareholders have approved a new dividend policy for 2026–2028 that includes both fixed and variable components.
The board also approved an interim dividend of 0.8 fils per share for the first quarter, totaling Dh899 million.
A new board of directors was also elected during the quarter, with Jassem Mohammed Bu Ataba Al Zaabi appointed as chairman.
Jasim Husain Thabet said the company maintained stable operations during the quarter despite external pressures. He added that supported by steady earnings from regulated utilities and long-term supply contracts, the company continued to invest with discipline in its long-term growth both domestically and internationally.
