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Taqa Reports 42% Rise In Net Profits For Its 2018 First Quarter Results |
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Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its preliminary financial results and operational highlights for the full financial year, ending 31st of March 2018. Commenting on the results, Saeed Mubarak Al Hajeri, the Chairman, said: “Having recorded a net profit of AED 160 million in 2017, TAQA’s performance continues to improve steadily, underpinned by our focus on driving sustainable efficiencies through the business. The company is continually strengthening its financial position, as it successfully raised US$1.75 billion last month through a bond issue that was greeted with strong demand from global investors. TAQA is concentrating on optimizing its assets in the oil and gas business, while studying growth opportunities in the power and water sector.” Saeed Hamad Al Dhaheri, Acting COO at TAQA added: “I am pleased to report that 2018 has started well for TAQA, as our oil and gas business continues to feel the benefit of the sustained cost efficiencies, and higher hydrocarbon prices. Our international power and water business remains robust, and we look forward to leveraging our expertise in this sector, as we seek further growth opportunities.” Financial highlights: Total revenues of AED 4.3 billion, an increase of 5% on the first three months of 2018 (2017: AED 4.1 billion) primarily driven by higher commodity prices that benefitted the oil and gas business, and improvement in the power and water business. Operational Highlights: Power & Water Global power and water business produced 18,773 GWh compared to GWh 18,516 in Q1 2017. Global technical availability in Q1 2018 was at 87.4% compared to 84.3% in Q1 2017. Operational Highlights: Oil & Gas Production volumes of 123.8 barrels of equivalent oil per day (boe/d), down 6% from Q1 2017 (2017: 132,200 boe/d), impacted by natural decline and North Sea platform maintenance. |
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