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:

Total revenues of AED 4.3 billion, an increase of 5% on the first three months of 2018 (2017: AED 4.1 billion) primarily driven by higher commodity prices that benefitted the oil and gas business, and improvement in the power and water business.
EBITDA of AED 2.3 billion, down 4% on 2017 (2017: AED 2.4 billion) affected by adverse movements in FX, stock, increased tariff and trading expenses, partially offset by higher revenues.
Net income of AED 110 million, compared to a net income of AED 77 million in Q1 2017, which represents an increase of 42%.
Free cash flow of AED 1.6 billion, a decrease of 22% on 2017 (2017: AED 2.0 billion), principally due to lower EBITDA and unfavourable working capital movement.
Total liquidity remains strong at AED 12.6 billion, including AED 3.6 billion in cash and cash equivalents and AED 8.9 billion of undrawn credit facilities. Total debt was reduced by AED 790 million during the period, while total interest paid was reduced by AED 58 million compared to same period 2017.

Operational Highlights: Power & Water

Global power and water business produced 18,773 GWh compared to GWh 18,516 in Q1 2017. Global technical availability in Q1 2018 was at 87.4% compared to 84.3% in Q1 2017.
UAE operations produced 12,157 GWh of electricity and 56,273 MIG of desalinated water, meeting the majority of Abu Dhabi’s water and electricity requirements.

Operational Highlights: Oil & Gas

Production volumes of 123.8 barrels of equivalent oil per day (boe/d), down 6% from Q1 2017 (2017: 132,200 boe/d), impacted by natural decline and North Sea platform maintenance.
Operating margins per barrel increased, mainly driven by higher realised prices.

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