Adnoc-owned urea and ammonia producer and exporter Fertiglobe reported a 59% y-o-y dip in adjusted net income to USD 42 mn in 4Q 2024, according to its unaudited earnings release (pdf). Meanwhile, revenues fell 28% y-o-y to USD 466 mn. Fertigobe attributes this drop to a deliberate deferral of 239 kt worth of shipments to early 2025 to take advantage of “tightening urea markets and improved in-season pricing.” This strategy of exploiting higher urea prices is expected to transfer USD 29 mn of net profit to 1Q 2025.

On an annual basis, the company saw a 52% y-o-y decline in net income to USD 173.9 mn in 2024, while revenues for the year decreased 17% y-o-y to USD 2 bn.

The driver: Sales volume dropped 9% y-o-y to 5.6 bn tons in 2024, which the company attributed to “structural measures taken to improve reliability and efficiency levels” and deliberately delayed shipments.

Looking ahead: Fertiglobe expects tight supply in spring and rising energy prices will sustain firm fundamentals for the nitrogen market in 2025. Production shortages in main exporting countries—and remarkably low Chinese exports—strengthen the short-term outlook for nitrogen fertilizers. Robust demand for new low-carbon ammonia applications—such as maritime fuels and power production—will buoy long-term outlook.

What’s next for the company’s low-carbon ambitions? Fertiglobe has several low-carbon ammonia production projects in the pipeline, with two projects in the UAE — including one under construction with 1 mn tons capacity and another under-development project with a 2027 targeted start date. The company also expects its owner Adnoc’s joint low-carbon hydrogen and ammonia project with Exxon Mobil to reach a financial close in 2025. Adnoc is slated to transfer its 35% stake in the project over to Fertiglobe when operations begin. The company is also part of a consortium planning green ammonia production at an Ain Sokhna ammonia plant starting in 2027.

DEWA-

The Dubai Electricity and Water Authority (Dewa) saw its topline increase 6.13% y-o-y to AED 7.5 bn in 4Q 2024, while its net income dipped 3% to AED 1.8 bn, according to its earnings release (pdf). Last quarter followed the same trend, where revenues increased on the back of high electricity demand, while net income fell. Dewa’s clean power generation also rose 12.83% to 1.57 TWh during the quarter.

On an annual basis, Dewa’s revenues rose 6% y-o-y to a record AED 31 bn in 2024, while net income for the year dipped 8.8% y-o-y to AED 7.2 bn, slightly lower than 2023’s AED 7.9 bn.

Dewa’s clean power generation peaked in 2024 with 6.62 TWh, and it also saw its highest peak power demand at 10.76 GW and its highest annual desalinated water production at 150.48 BIG.

There’s more clean energy to come: Dewa has a 1.8 GW solar PV plant in the works. The company also issued an advisory service tender in November for an Independent Power Producer (IPP) project comprised of a 1.6 GW solar PV plant and a 1 GW Battery Energy Storage System in November, and another tender for the design, supply, installation, and commissioning of a 2.5 MW alkaline electrolyzer project back in August.

EMSTEEL-

Emsteel, formerly Emirates Steel Arkan, saw its net income drop 34.9% y-o-y to AED 392 mn in FY 2024, compared to FY 2023, according to its preliminary financial results (pdf) published to the ADX on Wednesday. The company saw its revenues drop 6% y-o-y to AED 8.3 bn in the same period.

Eyes on Emsteel’s decarbonization ventures: Emsteel piloted its green hydrogen-poweredsteel project in partnership with Masdar last October. The firm is also conducting a feasibility study for an Abu Dhabi-based low-carbon iron joint venture project, and has been appointed co-chair of the International Renewable Energy Agency’s Alliance for Industry Decarbonisation.

TAQA-

Abu Dhabi National Energy Company (Taqa) reported a 46.8% y-o-y decline in 4Q 2024 net income to AED 750 mn, according to its management discussion and analysis report (pdf). Revenues grew 8.9% y-o-y to AED 13.4 bn, driven by the acquisition of Sustainable Water Solutions Holding, which was later consolidated with Taqa Water Solutions and strong contributions from its transmission and distribution segment, according to a separate earnings release (pdf).

Taqa’s net income edged up 1.5% y-o-y to AED 7.1 bn in 2024, excluding one-off items. These included AED 10.8 bn tied to the acquisition (pdf) of a 5% stake in Adnoc Gas and an AED 1.1 bn deferred tax charge due to UAE’s new corporate tax. Annual revenues climbed 6.7% y-o-y to AED 55.2 bn. Taqa invested AED 9.2 bn during the year, up 63.8% y-o-y, covering construction progress on the Mirfa 2 Reverse Osmosis and Shuweihat 4 Reverse Osmosis RO desalination projects.

Regional and global green energy highlights: The firm expanded its renewables portfolio as Masdar — in which Taqa is a main shareholder — acquired a 50% stake in US-based Terra-Gen Power Holdings II, whose portfolio comprises solar, wind, and battery projects. Masdar has also acquired Spanish firms Endesa and Saeta Yield.

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