MASDAR-

Masdar turns to the black in 2024: UAE’s Masdar reported a net income of 412.5 mn in 2024, reversing a AED 44.7 mn loss from the previous year, according to its financials (pdf). The turnaround came despite a 3.9% y-o-y drop in revenues to AED 3.4 bn.

ICYMI- Masdar’s rebound hasn’t gone unnoticed: Earlier this week, Moody’s upgraded the renewables giant to an A1 credit rating with a stable outlook, up from A2. The upgrade came on the back of strong backing from the Abu Dhabi Government and shareholders as the company pursues its 100 GW renewable energy capacity target by 2030.

Accounting for FX losses and swings in derivative valuation, Masdar recorded a total comprehensive loss of AED 31.4 mn for the year, widening slightly from an AED 22.9 mn loss in 2023.

TADWEEER-

National Environmental Recycling (Tadweeer) saw its net income grow 40.2% y-o-y in 2024 to SAR 36.2 mn on the back of improved production efficiency, tighter cost controls, and lower operational expenses from replacing rental assets with owned assets, according to a disclosure to Tadawul. Meanwhile, the company recorded a 27.6% y-o-y growth in revenues during the year to SAR 806 mn, supported by the launch of a new production line and better utilization of existing lines.

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