Taqa Posts Dh253 Million Net Profit in the Fourth Quarter of 2017

Press release
Published February 8th, 2018 - 10:13 GMT
Saeed Mubarak Al-Hajeri, Taqa Chairman of the Board
Saeed Mubarak Al-Hajeri, Taqa Chairman of the Board

Abu Dhabi National Energy Company (TAQA) on Thursday reported an AED 253 million net profit in the fourth quarter of 2017.

Net profit of the energy producer reached AED 171 million in 2017 versus a total loss of AED 19.034 billion in the year-ago period, the company said in a statement.

The UAE-based firm’s revenues increased by 3% to AED 16.7 billion in 2017 from AED 16.1 billion a year earlier.

Earnings before interest, taxes, depreciation, and amortisation registered AED 9.5 billion last year, against AED 8.5 billion in 2016, TAQA’s data showed.

Source: Mubasher

Background Information

Abu Dhabi National Energy Company

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the 6th largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

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