Abu Dhabi's TAQA says net profit boosted by higher oil prices

Abu Dhabi National Energy Company says debt reduced by AED3.7bn since the beginning of the year
Abu Dhabi's TAQA says net profit boosted by higher oil prices
TAQA said growth has been driven by higher global oil prices and greater efficiency at the company’s power assets.
By Sam Bridge
Thu 08 Nov 2018 02:04 PM

Abu Dhabi National Energy Company, better known as TAQA, on Thursday reported a net income of AED431 million ($117 million) for the first nine months of 2018.

The company said growth has been driven by higher global oil prices and greater efficiency at the company’s power assets.

In the first nine months of 2018, TAQA recorded an 8 percent year-on-year rise in revenues to AED13.5 billion, it added in a statement.

TAQA said its oil and gas business is benefiting from higher oil and liquids prices, while its power and water business has also seen improved performance in the 12 months, mainly due to increased efficiency.

Saeed Mubarak Al Hajeri, chairman, said: “TAQA has achieved a very strong financial turnaround in the last year, which is the result of three years of hard work to strengthen our business to withstand the most volatile of business cycles.

"The company is now well positioned to implement our strategy for growth, which will combine attaining optimal returns from our oil and gas business, while maximising efficiency at current power and water assets and pursuing new opportunities in the utilities sector.”

TAQA said it has continued to strengthen its balance sheet and has reduced its debt by AED3.7 billion since the beginning of the year, which led to a reduction of AED231 million in cash interest paid.

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