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Taqa’s net profit up by 42% in Q1 2018

Abu Dhabi National Energy Company, Taqa posted 5 per cent increase in revenues in the first quarter of 2018 due to increase in oil and gas prices and improvement in the power and water business.

In the first quarter of 2018, the company, majority owned by the government of Abu Dhabi, reported revenues of Dh4.3 billion compared to Dh4.1 billion during the same period last year.

Net profit of the firm rose by 42 per cent in the first quarter of 2018 to Dh110 million compared to Dh77 million in the first quarter of 2017.

“The company is continually strengthening its financial position, as it successfully raised $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 of Taqa in a statement.

Global power and water business produced 18,773 GWh (Gigawatt hours) of electricity in the first quarter of this year compared to 18,516 GWh in Q1 2017.

The UAE operations produced 12,157 GWh of electricity and 56,273 million gallons of desalinated water, meeting the majority of Abu Dhabi’s water and electricity requirements, according to the company.

In the oil and gas, production volumes in the first quarter of 2018 reached 123.8 barrels of equivalent oil per day, down 6 per cent from the first quarter of 2017 due to natural decline and North Sea platform maintenance.

Source: Gulf News

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