Abu Dhabi National Energy Company records nine-month losses despite rise in revenues
Abu Dhabi National Energy Company, also known as TAQA, on Thursday announced net losses of AED82 million ($22.3 million) for the first nine months of 2017.
The company said in a statement that third quarter income was impacted by the unscheduled outage at the Sohar Aluminum smelter and negative mark-to-market movements at its US power plant tolling agreement.
The losses came despite a 3 percent increase in total revenues of AED12.5 billion for the first nine months of 2017, primarily driven by higher commodity prices.
Saeed Hamad Al Dhaheri, acting chief operating officer, said:
“We’re pleased to see continued strong free cash flow generation, as well as improved margins across our portfolio, which has benefited from increased efficiencies across our operations.
"The company has also been able to reduce our financing costs and gradually lower our debt, which will have a positive impact on our financial performance over the coming years.”
He said total liquidity remained strong at AED12.1 billion, including AED2.9 billion in cash and cash equivalents and AED9.2 billion of undrawn credit facilities. Total debt was reduced by AED2.6 billion in the first nine months of 2017.