Abu Dhabi National Energy Company (TAQA) posted a Q1 2024 net profit of AED 2.1 billion ($572 million) versus AED 11.6 billion in the year-ago period, a drop of AED 9.5 billion attributed to of one-off items recognised in 2023.

Normalised net profit, excluding these one-offs, increased by AED 0.1 billion, 7% higher than the prior-year period, the energy major said on Wednesday.

According to LSEG data, analysts' mean estimate of the profit was AED 2.33 billion.

Revenue for the period was 5.3% higher at AED 13.7 billion due to the contribution from SWS Holding, which Taqa fully acquired in 2023 from Abu Dhabi Power Corporation PJSC, TAQA’s majority shareholder.

Oil & Gas operations contributed a net profit of AED 436 million, down AED 302 million, primarily reflecting lower commodity prices and production volumes.

Oil & Gas production was down at 106.9 million barrels of oil equivalent per day versus 113 mboed in Q1 2023.

Capital expenditure was AED 1.7 billion, 60% higher than prior year.

Free cash flow generation was AED 0.3 billion, AED 4.0 billion lower than the previous year.

Gross debt was AED 62.5 billion, up from AED 61.7 billion at the end of 2023.

(Reporting by Brinda Darasha; editing by Seban Scaria)