TAQA reports 42 per cent jump in Q1 net income

Oil drillingAbu Dhabi National Energy Company PJSC (TAQA) reported a jump in net income for the first quarter on the back of climbing oil prices and cost cuts

The state-controlled oil and gas company reported 42 per cent higher net income at about US$29.95mn (AED 100mn) for the first three months of 2018. Total revenues rose 5 per cent to about US$1.17bn (AED 4.3bn).

Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its preliminary financial results and operational highlights for the full financial year, ending 31st of March 2018.

Oil prices in 2018 have been boosted by production cuts from OPEC and countries such as Russia. US President Donald Trump's decision to withdraw from a nuclear deal with Iran and the possibility of sanctions coming back has driven the price of oil to near four-year highs, over US$77 per barrel.

TAQA's production however fell 6 per cent to 123.8boepd in the first quarter, hurt by natural decline and North Sea platform maintenance.

"I am pleased to report that 2018 has started well for TAQA, as our oil and gas business continues to feel the benefit of the sustained cost efficiencies, and higher hydrocarbon prices.  Our international power and water business remains robust, and we look forward to leveraging our expertise in this sector, as we seek further growth opportunities," said Saeed Hamad Al Dhaheri, acting chief operating officer, TAQA.

"Having recorded a net profit of AED 160 million in 2017, TAQA's performance continues to improve steadily, underpinned by our focus on driving sustainable efficiencies through the business. The company is continually strengthening its financial position, as it successfully raised US$1.75 billion last month through a bond issue that was greeted with strong demand from global investors. TAQA is concentrating on optimizing its assets in the oil and gas business, while studying growth opportunities in the power and water sector," said Saeed Mubarak Al Hajeri, chairman, TAQA.

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