Oil gains boost Taqa’s nine-month profits

The Abu Dhabi National Energy Co (Taqa) earned Dh431 million in profits for the first nine months, benefiting from higher oil prices.

This compares with a loss of Dh82 million in the same period last year.

Revenues are up by 8 per cent year-on-year to Dh13.5 billion, according to a statement issued by the firm listed on Abu Dhabi bourse. It reduced total debt by Dh3.7 billion, helped by a reduction in interest paid of Dh231 million compared to last year.

“Taqa has achieved a very strong financial turnaround in the last year, which is the result of three years of hard work to strengthen our business to withstand the most volatile of business cycles,” said Saeed Mubarak Al Hajeri, Chairman of Taqa.

“The company is now well positioned to implement our strategy for growth, which will combine attaining optimal returns from our oil and gas business, while maximising efficiency at current power and water assets and pursuing new opportunities in the utilities sector.”

In the first nine months of 2018, free cash flow increased 1 per cent year-onyear to Dh5.6 billion.