Taqa posts 148% jump in profit to Dh396 million

10%

Of Taqa’s portfolio to come from renewable energy

dubai – Driven by higher oil prices, global energy major Abu Dhabi National Energy Company, or Taqa, more than doubled its profit in 2018.

The company with operations in 11 countries said in a statement on Thursday that a 148 per cent jump in profit to Dh396 million compared to Dh160 in 2017 was driven by increased oil prices in Europe on the back of a solid performance delivered by Taqa’s power and water division.

As per preliminary financial results, Taqa also recorded an increase in revenues by six per cent to Dh17.7 billion in 2018 compared to the same period in 2017 on the back of the company’s fullyear oil and gas production in Iraq versus six months of production in the previous year.

Saeed Mubarak Al Hajeri, Taqa’s Chairman of the Board, said the results show great progress on the company’s path toward becoming a globally recognised energy and water provider. “Taqa finished 2018 on a high note and delivered strong overall revenues, driven by a clear vision and unequivocal commitment of our management.”

Saeed Hamad Al Dhaheri, chief executive officer of the energy giant, said the performance demonstrates that the company is delivering on the commitments made to shareholders.

“Taqa’s robust strategy to maximise our capabilities across a diverse portfolio of assets and activities as well as the execution of our growth plans in power and water and across all our divisions has yielded visible results,” said Al Dhaheri.

In 2018, Taqa’s power and water division showcased strong operational performance with gross power generation production of 89,922 GWh and 246,556 MIG of gross water desalination. Technical availability of power plants increased to 93.1 per cent in 2018, up from 92.1 per cent in 2017, mainly resulting from Taqa’s stable operational performance in the UAE and in Africa, the statement said.

Last year, Taqa’s independent water and power plants produced 85 per cent of the power and 95 per cent of the water consumed in Abu Dhabi. The company has also achieved an average production of 123,100 barrels of equivalent oil per day in 2018.

Recently, Taqa said it would have 10 per cent of its portfolio generated from renewable energy sources by 2030, as it looks to expand its footprint in the Middle East, North and sub-Saharan Africa.