|07 February, 2019

Abu Dhabi's TAQA reports increase of 148% in profit

TAQA also recorded an increase in its revenues by 6%

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image for illustrative purposes

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image for illustrative purposes

REUTERS/Stringer

ABU DHABI - Abu Dhabi National Energy Company, TAQA, today announced its preliminary unaudited financial results and operational highlights for the full financial year, ending 31st of December 2018.

The company reported an increase of 148% in profit attributable to equity holders to AED396 million in 2018. The strong results were driven by increased oil prices in Europe and backed by a solid performance delivered by TAQA’s power and water division throughout 2018.

TAQA also recorded an increase in its revenues by 6% compared to the same period in 2017 on the back of the company’s full-year oil and gas production in Iraq versus 6 months of production the previous year which positively impacted the oil and gas business.

Commenting on the results, Saeed Mubarak Al-Hajeri, TAQA’s Chairman of the Board, said, "I am delighted that the results of the year 2018 show great progress on our path toward becoming a globally recognized energy and water provider. TAQA finished 2018 on a high note and delivered strong overall revenues, driven by a clear vision and unequivocal commitment of our management." Saeed Hamad Al Dhaheri, TAQA’s Chief Executive Officer, also commented by saying, "Our performance in 2018 demonstrates that we are delivering on the commitments made to our shareholders. TAQA’s robust strategy to maximise our capabilities across a diverse portfolio of assets and activities as well as the execution of our growth plans in power and water and across all our divisions has yielded visible results".

On the operational side, TAQA’s power and water division showcased strong operational performance with gross power generation production of 89,922 GWh and 246,556 MIG of gross water desalination. Technical availability of power plants increased to 93.1% in 2018, up from 92.1% in 2017, mainly resulting from TAQA’s stable operational performance in the UAE and in Africa.

In 2018, TAQA’s independent water and power plants produced 85% of the power and 95% of the water consumed in the Emirate of Abu Dhabi.

TAQA has also achieved an average production of 123,100 barrels of equivalent oil per day (boe/d) in 2018, slightly decreasing by 2.5% from the previous year.

© Copyright Emirates News Agency (WAM) 2019.

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