TAQA Arabia reports $266-million revenue in first nine months of 2024

Omokolade Ajayi -
Key Points
  • TAQA Arabia's revenue grew 34% YoY to EGP13.12 billion ($266 million) in the first nine months of 2024, reflecting robust market performance.
  • The company’s net profit after tax rose by 16% YoY to $8.61 million, highlighting its financial resilience amid market challenges.
  • TAQA Arabia launched a $3.4 billion green ammonia project in partnership with Voltalia, positioning itself as a leader in Egypt's renewable energy sector.

Cairo-based energy distribution giant TAQA Arabia, led by Egyptian executive Pakinam Kafafi, reported robust financial results for the first nine months of its 2024 fiscal year, with both revenue and profits climbing by double-digit percentages, demonstrating resilience.

According to recently published figures, TAQA Arabia's revenue surged to EGP13.12 billion ($266 million) in the nine months of 2024, up from EGP9.78 billion ($198.3 million) during the same period in 2023. This increase underscores the company’s ability to capitalize on opportunities despite rising operational costs and market volatility.

In terms of profitability, TAQA Arabia posted a 16 percent year-on-year increase in net profit after tax, reaching EGP424.87 million ($8.61 million) for the first nine months of 2024. This compares favorably to the net profit of EGP364.98 million ($7.4 million) reported in 2023, further affirming the company’s financial resilience.

TAQA Arabia’s expanding energy leadership

TAQA Arabia, which serves over 1.7 million individuals and businesses across Egypt, has solidified its position as a leading energy and utility provider. The company is renowned for its expertise in the construction, operation, and maintenance of energy infrastructure nationwide. In addition to its core operations in energy distribution, TAQA Arabia also provides essential water treatment and desalination services to a wide range of industries.

Under the leadership of Pakinam Kafafi, TAQA Arabia has pursued an aggressive growth strategy, expanding its market presence through strategic acquisitions. The company has integrated several major gas distribution firms, including BG, ENI, Edison, and AMEC, significantly strengthening its competitive position in the Egyptian energy market.

New green energy project powers Egypt’s future

A key moment in TAQA Arabia’s recent expansion came in July 2024, when Kafafi spearheaded the company’s partnership with the Egyptian government and Voltalia, a global leader in renewable energy. This collaboration marked the launch of an ambitious green ammonia production project, with a potential investment of $3.4 billion.

The project, to be developed in phases, will feature a 500 MW electrolyzer per phase, powered by 1.30 GW of solar and wind energy. Located near Ain Sokhna port in the Suez Canal Economic Zone, the facility will produce over 350,000 tonnes of hydrogen annually per phase, a milestone in Egypt’s green energy transition which will position TAQA Arabia as a leader in the sector.

Future growth in the energy sector

Looking ahead, TAQA Arabia remains committed to expanding its footprint in the energy sector and leveraging its diversified capabilities in both conventional and renewable energy. With its strong financial performance and strategic initiatives, the company is well-positioned to navigate the evolving energy landscape and continue its growth trajectory in the years to come.