Taqa Posts Net Profit of Dh112 Millionn for H1 2017

Press release

Published August 10th, 2017 - 09:50 GMT

Revenues of the company went up by 5 per cent to Dh8.4 billion in first half of this year from Dh7.9 billion reported in the first half of 2016.

Abu Dhabi National Energy Company (Taqa) posted a Dh112 million in net profit for the first half of 2017 when compared to a net loss of Dh1.2 billion during the same period last year owing to higher commodity prices and lower costs following the conclusion of a two year transformation programme.

Revenues of the company went up by 5 per cent to Dh8.4 billion in first half of this year from Dh7.9 billion reported in the first half of 2016.

In the second quarter of this year, revenues of the company reached Dh4.2 billion, up from Dh4.03 billion in the second quarter of 2016.

The company made profit attributable to shareholders of Dh35 million in the three months to June 30 compared with a loss of Dh588 million during the same period last year.

“Taqa’s results for the first half of 2017, which demonstrated a positive net income for the second consecutive quarter, were driven by strong operational performance, continued efficiency improvements and a focus on core operations,” said Saeed Hamad Al Dhaheri, acting Chief Operating Officer of Taqa said in a statement.

“A key operational milestone was the achievement of first oil from our Atrush project in the Kurdistan Region of Iraq post period in July. Atrush will be a significant contributor to the Group’s long-term cash flows and net income.”

“Against the backdrop of a prolonged lower oil and gas price environment, Taqa will continue to concentrate on safe and efficient operations while looking for opportunities to optimise our portfolio.”

The first half production volumes of the firm reached 131,086 barrels of oil equivalent per day (boed), down 11 per cent on first half of 2016 (147,415 boed) impacted by prior capital expenditure reductions.

Production from the Atrush Block in the Kurdistan Region of Iraq is expected to ramp up towards the 30,000-barrel-per-day project capacity in 2017, the company said.

Source: Gulf News

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 6^th 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.