Taqa ups capital spend by 46% despite revenue fall

Abu Dhabi National Energy Company (Taqa) said revenue fell in the first quarter due to lower sales in the oil & gas segment amid the ongoing regional conflict.

Its top line declined 3 percent to AED13.7 billion ($3.7 billion) between January and March 2026, compared to AED14.1 billion a year ago, the company said in a statement to the Abu Dhabi Securities Exchange on Friday.

Net income attributable to shareholders remained stable at AED2 billion.

Capital expenditure (capex) surged 46 percent annually to AED3.2 billion in the first three months of this year, reflecting accelerated investment across power, water and transmission networks.

“We maintained stable operations despite the external environment, said Jasim Husain Thabet, group CEO.

He added that the company is making progress with its planned acquisition of GS Inima, the development of projects in Morocco and Saudi Arabia, and the drive to grow Masdar.

Masdar is owned by Taqa (43 percent), Mubadala (33 percent) and Adnoc (24 percent).

Free cash flow stood at AED5 billion, though it was offset by increased capex, Taqa said.

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The board approved an interim dividend of AED899 million for the first quarter.

Shareholders elected a new board during the quarter, appointing Jassem Al Zaabi as chairman. They also approved an updated dividend policy for 2026-28, maintaining both fixed and variable components.

Taqa’s share price closed at AED2.30 on the Abu Dhabi Securities Exchange on Thursday. The stock is down 32 percent in the year to date.

State-run Abu Dhabi Power Corporation owns 90 percent of Taqa.