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| 09 August, 2018

Abu Dhabi's TAQA Q2 profit jumps on higher oil prices

Abu Dhabi National Energy Company made a profit attributable to equity holders of $45.7mln in the three months ended June 30

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

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

REUTERS/Stringer

ABU DHABI  - Abu Dhabi National Energy Company (TAQA) on Thursday reported a nearly five-fold rise in second-quarter profit, as higher oil and liquids prices offset a drop in production.

The state-owned oil explorer and power supplier made a profit attributable to equity holders of 168 million dirhams ($45.7 million) in the three months ended June 30, it said in a bourse statement.

That compares with 35 million dirhams reported for the year-earlier period.

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Quarterly revenue totalled 4.26 billion dirhams, compared with 4.21 billion dirhams in the year-ago period. The company's second-quarter average daily production dropped to 117,389 barrels of oil equivalent per day (boepd) from 129,993 boepd in the year earlier quarter.

TAQA, with operations in 11 countries, completed a $1.75 billion dual-tranche bond issue in April. Total liquidity stands at 14.6 billion dirhams, including 4.0 billion dirhams in cash and cash equivalents and 10.6 billion dirhams of undrawn credit facilities, the company said. ($1 =3.6730 UAE dirham) (Reporting By Stanley Carvalho, Editing by Amrutha Gayathri)

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