Tuesday , September 27 2022

9 months – net profit of 431 million


Abu Dhabi: the bay

The Abu Dhabi National Energy Company (TAQA) in the nine months of 2018 amounted to AED 431 million net profit, compared with a loss of 82 million over the period. This increase was mainly due to higher oil prices, improved asset efficiency, the Energy Partner.
In the first nine months of 2010, TAQA recorded a 8 percent rise in revenues over the prior year period to AED 13.5 billion and an increase of 9 percent in EBITDA to AED 7.4 billion.
The TAQA oil and gas sector continues to benefit from rising oil and oil prices, while the electricity and water sectors improved last year, largely due to improved TAQA's international assets.
Sauly Saeed Mubarak Al-Hajeri, Chairman of the Abu Dhabi National Energy Company (TAQA), said: "TAQA has achieved a strong financial result, which has been the result of the work done over the last three years, to improve the efficiency of its industries, given the volatility of all courses. Economic development: TAQA is a good solution for implementing its growth strategy combining the best returns in the oil and gas sector, achieving the highest efficiency and efficiency in existing electricity and water resources, while continuing to explore new opportunities for growth in the utilities sector. "
"TAQA is focused on adding value to the contributions of all shareholders and has worked hard to strengthen its balance by further reducing debt and financial costs," said Saeed Hamad Al Dhahiri, TAQA's chief executive officer. At the same time, TAQA is investing in industries seeking to increase its capital spending this year to AED 2 billion, which is fully funded from operating cash flows. Our goal is to further improve the oil and gas industry, as well as the financial and operational levels of electricity and water sectors in the coming years. "
TAQA's electricity and water supply sector continued to work vigorously, revenue stabilized at 8.7 billion AED, while EBITDA was AED 5.2 billion. In the first nine months of this year, total global electricity production was 69.36 GWh, while the fleet's technical availability was 94.3%.
The TAQA oil and gas sector generated revenue of AED 4.8 billion, while EBITDA was 2 billion AED. Net operating income per barrel in Europe has also been boosted by rising oil prices, while North American operations continued to affect Canadian gas prices.
TAQA continued to increase its balance sheet this year, and since the beginning of the year, it has managed to reduce its debt by 3.7 billion AED. As a result, the money paid on debt decreased by 231 billion AED.
In the first nine months of 2010, the company's gross cash flow grew by 1 percent, reaching AED 5.6 billion, mainly due to increased cash flow from operations partly offset by higher capital expenditure.
The company still has a strong balance sheet of AED 13.2 billion, including AED 3 billion in cash and cash equivalents and AED 10.2 billion non-cash lines.

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