TAQA announces 2017 financial results

ABU DHABI, 8th February, 2018 (WAM) -- Abu Dhabi National Energy Company, TAQA, today announced its preliminary financial results and operational highlights for the full financial year, ending 31st of December 2017.

In a statement, the company sad that 2017 financial highlights include: - 2017 total revenues of AED 16.7 billion, an increase of 3% on 2016 (2016: AED16.1 billion) primarily driven by higher commodity prices that benefitted the oil and gas business, while the power and water business remained steady.

- 2017 EBITDA of AED9.5 billion, up 11% on 2016 (2016: AED8.5 billion) supported by higher revenues and sustained cash cost savings.

- TAQA turned to net profit in 2017. Profit attributable to equity holders of AED171 million compared to a 2016 loss of AED19.0 billion, because of the exceptional impairment charge of AED22.0 billion in the previous year.

- 2017 free cash flow of AED7.2 billion, a decrease of 1% on 2016 (2016: AED7.3 billion), principally due to increased capital investment to sustain the performance of the Group’s existing portfolio of assets.

- Total liquidity remains strong at AED15.4 billion, including AED4.2 billion in cash and cash equivalents and AED11.2 billion of undrawn credit facilities.

Commenting on the results, Saeed Hamad Al Dhaheri, Acting Chief Operating Officer, said, "TAQA has come through an extremely tough market environment, with the company’s preliminary financial results reflecting the company’s resilience. Turning to a net profit in 2017 is therefore an impressive and notable achievement. Higher hydrocarbon prices, together with sustained cost efficiencies, benefited our oil and gas business, while the power and water business continued to deliver a robust operational and financial performance. The company is focused on optimising returns from all of its global assets, while playing a key role in Abu Dhabi’s economic development by being a major player in the regional utilities sector."


WAM/Esraa Ismail/Rasha Abubaker