Abu Dhabi National Energy Company (TAQA) has revealed a 42% rise in net profit at AED110 million in Q1, 2018 compared to a net income of AED77m in the same period last year.
The global player, which is based in Abu Dhabi and operates in 11 countries, recorded a total net profit of AED160m in 2017, according to chairman Saeed Mubarak Al Hajeri.
Last month, the firm successfully raised $1.75 billion through a bond issue that saw strong demand from global investors. It is currently concentrating on optimising its oil and gas assets, exploring opportunities in power and water, Al Hajeri added.
Total company revenues also rose 5% in the first three months of 2018 at AED 4.3bn, compared to AED4.1bn in 2017, mainly due to higher commodity prices that benefitted the oil and gas sector.
However, earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 4% from AED2.4bn in 2017 to AED 2.3bn in 2018, largely due to movements in Forex and stock, as well as increased tariff and trading expenses.
Free cash flow also decreased 22% to AED 1.6bn from AED2.0bn n 2017, thanks to lower EBITDA.
On the other hand, total liquidity remains strong at AED12.6bn, including AED3.6bn in cash and cash equivalents as well as AED8.9bn of undrawn credit facilities, company figures show.
During the same period, TAQA’s total debt was reduced by AED790mn, while the total interest paid was decreased by AED58m compared to 2017.
The firm has also been seeking growth opportunities in power and water. Its UAE operations produced 12,157 GWh of electricity and 56,273 MIG of desalinated water, meeting the majority of Abu Dhabi’s water and electricity requirements.
“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,” said Saeed Hamad Al Dhaheri, Acting COO.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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