ABU DHABI - Abu Dhabi Future Energy Company, commonly known as Masdar, has announced significant growth in its renewable energy portfolio for the first half of the year ending June 30, 2024. The company, which is a global leader in renewable energy and sustainable urban development, reported substantial investments and strategic acquisitions that have expanded its operations across multiple geographies.
Masdar's interim financial statements, reviewed by Ernst & Young, indicate that the company's total assets have increased to AED 25.49 billion, up from AED 18.20 billion at the end of the previous year. This growth is attributed to strategic investments in associates and joint ventures, which have surged to AED 10.31 billion from AED 7.58 billion, as well as an increase in property, plant, and equipment assets.
The company's revenue for the six-month period reached AED 1.26 billion, a significant rise from the AED 781.34 million recorded during the same period in the previous year. Direct costs associated with the revenue were AED 975.79 million, resulting in a gross profit of AED 286.65 million.
Masdar's commitment to expanding its renewable energy footprint is evident in its capital commitments, which stand at AED 2.26 billion for projects to be undertaken within a year. Furthermore, the company has issued corporate guarantees to lenders for equity bridge loan facilities amounting to AED 531 million, highlighting its role in facilitating renewable energy projects.
The interim report also disclosed that Masdar has successfully issued its second Green bond, raising USD 1 billion, and has entered into agreements to acquire significant interests in Endesa (BME:ELE) S.A. and Saeta Yield, both of which are expected to enhance the company's renewable energy portfolio and operational capacity.
Masdar's CEO expressed confidence in the company's growth trajectory and its ongoing contributions to the global renewable energy sector. The financial results demonstrate Masdar's commitment to its objectives of reducing carbon footprints, enhancing Abu Dhabi's brand in the new energy market, fostering a knowledge-based economy, and ensuring profitability.
The information for this report is based on a press release statement, reflecting Masdar's performance for the first half of the year ending June 30, 2024.
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