UAE-based Masdar swings to profit in 2024, triples assets

Abu Dhabi state-owned renewables company Masdar reported a 2024 profit of 412 million dirhams ($112.18 million) on Thursday, reversing a 44-million-dirham net loss recorded the previous year.

The company's total assets more than tripled in the year ending December 31, reaching 59.8 billion dirhams, up from 18.2 billion dirhams in 2023.

Masdar has been pursuing an ambitious global expansion strategy as it aims to grow its capacity to 100 gigawatts from 51 GW currently.

It acquired full ownership of Greece's Terna Energy in April, and earlier this month committed 5.2 billion euros ($5.95 billion) alongside Spain's Iberdrola to a major UK offshore wind project.

Masdar shares are held 43 per cent by Abu Dhabi's state-controlled utility firm TAQA, 33 per cent by sovereign wealth fund Mubadala and 24 per cent by oil giant ADNOC.

Reuters reported in March that Masdar was in the early stages of considering an initial public offering.

(Reporting by Luke Tyson; Editing by Yousef Saba and Joe Bavier)