Taqa posts 3% rise in revenue

ABU DHABI — Abu Dhabi National Energy Company, Taqa, announced total revenues of Dh12.5 billion for its financial results and operational highlights for the period ended September 30, 2017, compared to Dh12.1 billion for the first nine months of 2016.

Commenting on the results, Saeed Hamad Al Dhaheri, acting chief operating officer, said, “We’re pleased to see continued strong free cash flow generation as well as improved margins across our portfolio, which has benefited from increased efficiencies across our operations. “During the period, Taqa achieved

We’re pleased to see continued strong free cash flow generation as well as improved margins

Saeed Hamad Al Dhaheri, acting COO, Taqa

‘first oil’ at our Atrush development in Iraq, which marks an important milestone for the group. The company has also been able to reduce our financing costs and gradually lower our debt, which will have a positive impact on our financial performance over the coming years,” Al Dhaheri concluded.

The total revenues of Dh12.5 billion reported an increase of three per cent on the first nine months of 2016 primarily driven by higher commodity prices. EBITDA of Dh6.8 billion was up seven per cent in the same period in the previous year supported by higher revenues and sustained cash cost savings. The net loss was Dh82 million for the first nine months of 2017. Third quarter income was impacted by the unscheduled outage at the Sohar Aluminum smelter and negative mark-to-market movements at our US power plant tolling agreement during the period. The free cash flow of Dh5.6 billion, an increase of nine per cent was attributed to increased capital investment activity being more than covered by the higher EBITDA.