- 10 May 2018
TAQA reports 42% rise in net profits for its 2018 first quarter results
10 May 2018 ABU DHABI, United Arab Emirates – 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.Commenting on the results, Saeed Mubarak Al Hajeri, the Chairman, said: “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.”Saeed Hamad Al Dhaheri, Acting COO at TAQA added: “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.”Financial highlights:Operational Highlights: Power & WaterOperational Highlights: Oil & Gas.