Masdar turns to the black in 2024: Abu Dhabi Future Energy Company, better known as Masdar, reported a net income of AED 412.5 mn in 2024, reversing a AED 44.7 mn loss from the previous year, according to its financials (pdf). The turnaround came alongside a 3.9% y-o-y drop in revenues to AED 3.4 bn.

ICYMI- This is the latest in a series of good news for Masdar: 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.

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