TAQA Arabia announced a 40% surge in its revenue last year, reaching 18.9 billion Egyptian pounds ($370 million) compared to 2023.
In a financial statement released Tuesday, the company described the results as “remarkable,” despite facing significant regional and global challenges in 2024.
These challenges included notable economic volatility, inflation, rising interest rates, disruptions in global supply chains, and fluctuations in energy prices.
The company attributed the strong performance to its oil sector, which led the growth in TAQA Arabia’s revenue, posting a 33.6% increase to 10.5 billion pounds, up from 7.4 billion pounds in the previous year.
This growth was driven by a 6.4% rise in fuel sales, alongside fuel price increases implemented during 2023 and 2024.
The financial report also highlighted the electricity and renewable energy sectors, which saw significant growth with a 47.7% revenue increase, reaching 3.531 billion pounds.
This growth stemmed from higher electricity prices in 2024, increased electricity sales from new photovoltaic solar projects, and higher consumption by industrial, tourism, and commercial customers in distribution projects.
Additionally, the depreciation of the Egyptian pound contributed positively to revenues.
The gas sector also reported strong growth, with revenues rising by 30.7% to 4.85 billion pounds compared to the previous year.
This growth was fueled by the expansion of compressed natural gas stations, with five new stations launched, along with price hikes in compressed natural gas in 2024.
Furthermore, the expansion of the gas distribution network in Hurghada and positive foreign currency impacts boosted regional revenues.
On its regional expansion efforts, the company said its strategy had paid off, marking key achievements such as entering the Tanzanian and Mozambican markets and establishing a joint venture in Saudi Arabia.
The company’s regional gas business saw substantial growth, with revenues increasing from 109 million pounds in 2023 to 234 million pounds in 2024.
Additionally, TAQA Arabia reported notable expansion in its water energy sector in 2024, launching nine new projects with a combined capacity of 18,000 cubic meters per day. This expansion led to a 231% increase in revenues, reaching 52 million pounds.
