Abu Dhabi, UAE - Abu Dhabi Future Energy Company, known as Masdar, reported first-half profit of $88.2 million (AED 323.8 million) in 2026, more than six times the $13.3 million (AED 48.8 million) recorded a year earlier.
Revenue for the six months ended June 30 rose 98% to $932.8 million (AED 3.4 billion), compared with $471 million (AED 1.7 billion) in the first half of 2025.
Gross profit increased 57.4% to $309.6 million (AED 1.14 billion), while profit before tax reached $135.2 million (AED 496.6 million), up from $15.4 million (AED 56.6 million) a year earlier.
Concession revenue drives growth
Concession revenue climbed to $573.2 million (AED 2.11 billion), compared with $157.6 million (AED 578.8 million) in the same period last year.
Construction revenue within the concession business increased to $515.6 million (AED 1.89 billion), from $113.5 million (AED 416.8 million).
Renewable power generation revenue also rose, reaching $335.7 million (AED 1.23 billion), up 12.1% year on year.
Masdar's share of results from equity-accounted investees increased to $142.6 million (AED 523.7 million), compared with $88.8 million (AED 326.1 million) in the first half of 2025.
The UAE remained Masdar's largest revenue market, contributing $517.9 million (AED 1.90 billion). Greece generated $178.5 million (AED 655.6 million), followed by Uzbekistan at $75.7 million (AED 277.9 million) and the UK at $67.5 million (AED 247.8 million).
Investment activity increases
Masdar generated $216.5 million (AED 795.2 million) in net cash from operating activities during the first half, compared with $63.6 million (AED 233.6 million) a year earlier.
Net cash used in investing activities increased to $1.62 billion (AED 5.94 billion), while investments in associates and joint ventures totalled $520 million (AED 1.91 billion).
Capital expenditure reached $349 million (AED 1.28 billion), up from $91.1 million (AED 334.4 million) in the same period last year.
Among its investments, Masdar contributed $263.3 million (AED 967 million) to the Dogger Bank South East and Dogger Bank South West joint ventures and $235.8 million (AED 866 million) to East Anglia Three Holdings.
Loans and borrowings stood at $9.17 billion (AED 33.67 billion) at the end of June, including $2.73 billion (AED 10.03 billion) in green bonds and $6.35 billion (AED 23.31 billion) in term loans.
Masdar's capital commitments reached $2.64 billion (AED 9.68 billion), compared with $882.8 million (AED 3.24 billion) at the end of 2025.
The company's clean-energy portfolio had grown to more than 65GW by the end of 2025, against a target of 100GW by 2030.
