TAQA-

Abu Dhabi National Energy Company (Taqa) reported a 1.5% y-o-y drop in net income to AED 2.1 bn in 1Q 2025, according to a press release (pdf) and earnings release (pdf) issued Thursday. Revenues rose 3.8% to AED 14.2 bn, driven by an increase in pass-through items in the transmission and distribution segment.

Looking forward: Taqa Transmission is set to boost its renewables capacity through its stake in Masdar, as well as expand its transmission and digital infrastructure. The company aims to attract some AED 36 bn in investment for the projects over the next few years.

TABREED

Abu Dhabi’s National Central Cooling Company (Tabreed) reported a 3% y-o-y jump in net income to AED 115 mn in 1Q 2025, according to a press release and financial report(pdf) from Wednesday. The company’s revenues dipped slightly to AED 466 mn.

Some highlights: Cooling consumption volumes were down 7% due to colder weather than the same period last year. Tabreed still managed to hit 1.3 mn RT of connected capacity, including 4.6k RT of new customer connections in the UAE.

A busy Q: The company also signed an AED 1.5 bn agreement in March with Dubai Holding Investments to be the exclusive district cooling provider for Palm Jebel Ali with 250k RT in what is Tabreed’s largest-ever partnership. Tabreed also raised USD 700 mn from its 2.6 x oversubscribed green sukuk issuance earlier this year.

EMSTEEL

UAE steel manufacturer Emsteel’s net income dropped some 32.7% y-o-y, in our calculation, to AED 86.3 mn in 1Q 2025, according to an earnings release (pdf) published on Monday. The company’s revenues increased roughly 0.9%, in our calculation, to AED 2.2 bn from AED 2.1 bn the year prior.

Big green ambitions: Esmsteel launched a couple of green initiatives this year, starting with its decarbonization strategy which targets a 40% reduction in emissions from its steel business, a 30% emissions reduction in its cement unit by 2030, and net zero emissions by 2050. The company is also developing a 31.5 MWp industrial solar PV rooftop project with Yellow Door Energy, set to be the UAE’s largest.

SEC-

SEC posts modest rise: The Saudi Electricity Company (SEC) reported a 7.9% y-o-y jump in net income to SAR 968 mn in 1Q 2025, according to an earnings release issued on Wednesday. Revenues rose 23% y-o-y to SAR 19.5 bn.

Behind the numbers: The uptick was driven by increased revenue tied to the grid’s larger regulated asset base, higher electricity production revenues, and demand growth. SEC also saw a boost from its project development and management work on substations and transmission lines.

TADWEEER-

Tadweeer’s bottom line more than doubles: Saudi Arabia’s National Environmental Recycling Co. (Tadweeer) reported a net profit of SAR 18.3 mn in 1Q 2025, up 126.3% y-o-y from SAR 8.1 mn, according to a Tadawul filing issued on Wednesday. Revenues climbed 33.3% y-o-y to SAR 267.5 mn during the quarter.

Explanation: The bottomline growth was driven by improved production line utilization, tighter cost controls, and a shift from rented to owned equipment that helped cut operating expenses, whereas revenue gains were attributed to a higher sales volume and the full commissioning of a new facility in 2H 2024.

FERTIGLOBE-

Adnoc-owned urea and ammonia producer and exporter Fertiglobe saw its net income decline 24% y-o-y to USD 73 mn in 1Q 2025, according to an ADX disclosure (pdf) issued on Tuesday. The company reported a 26% y-o-y increase in revenues to USD 695 mn on the back of higher sales volumes (+7% in own-produced sales volumes), driven by operational improvements, higher urea prices, and “strategic shipment deferrals,” the company said in its earnings release (pdf).

Big plans ahead: The company is planning to become a USD 1 bn+ EBITDA1 firm under a new growth strategy. This will see it target USD 35 mn in annual run rate savings and USD 80 mn in EBITDA by 2027, contributing to some USD 165-175 mn in EBITDA on a run rate basis during that time frame.

The Adnoc unit 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 is also part of a consortium planning green ammonia production in Egypt’s Ain Sokhna ammonia plant starting in 2027. The company is also slated to add a 35% stake in a US-based low-carbon hydrogen and ammonia project from its owner Adnoc once the project reaches financial close this year.

DEWA-

The Dubai Electricity and Water Authority (Dewa) bottomline dipped 23.9% y-o-y in our calculation, to record AED 495.6 mn for 1Q 2025, according to an earnings release (pdf) issued on Monday. The company also saw revenues grow 2.8% y-o-y to AED 5.96 bn, marking Dewa’s highest-ever 1Q revenues, according to a press release (pdf) issued on Monday.

The green part: Dewa generated 10.5 TWh of energy, including 1.86 TWh of clean energy, during the period, according to a press release issued on Monday. Dewa’s clean energy capacity has now reached 3.46 GW — about 20% of its capacity overall.

REMEMBER- Dewa received some 43 expressions of interest for the 1.6 GW seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park and brought online 600 MW of the sixth 1.8 GW phase earlier this year. Dewa also launched the second phase of its Green Data Center project in the solar park back in January.

EMPOWER-

Emirates Central Cooling Systems Corporation (Empower) net income saw a 12.5% y-o-y drop, in our calculation, to reach AED 144.8 mn in 1Q 2025, according to a financial statement (pdf) last week. Revenues for the quarter edged up some AED 2.2 mn y-o-y to record AED 540 mn.

Behind the numbers: Empower inked 46 new contracts during 1Q 2025 to supply over 43k refrigeration tons (RT), bringing its total contracted capacity to 1.81 mn RT, according to a press release. The company also saw its connected capacity exceed 1.58 mn RT after adding more than 15k RT during the quarter.

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