Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today reported its fully audited financial results and operational highlights for the financial year, ending 31st of December 2017.  

TAQA reported a net profit attributable to shareholders of AED 160 million for the 2017 financial year, as the oil and gas business benefitted from higher hydrocarbon prices and sustained cost efficiencies, and the power and water business continued to deliver strong income.

TAQA’s total revenues stood at AED 16.7 billion in 2017, an increase of 4% on 2016. Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 7% to AED 9.1 billion, with sustained cash cost savings contributing to the improved EBITDA margin.

The company continues to benefit from the two-year transformation programme, which finished in 2016, having delivered an AED 13.2 billion reduction in costs, including capital and operating expenditure. In 2017, operating expenditure in the oil and gas business was approximately 40% lower than 2014 levels.

In 2017, TAQA generated free cash flow of AED 7.4 billion, which was 1% higher than in 2016.  This increase was primarily a result of the aforementioned higher EBITDA which was utilized to support increased levels of investment.

H.E. Saeed Mubarak Al-Hajeri, Chairman of the Board of Directors, said:

“Having completed a two-year transformation programme in 2016, TAQA is now well positioned to contribute further to the economic diversification strategy being pursued by the Abu Dhabi government – our main shareholder. Our base in the UAE’s capital has given us a stable economic and financial environment, where we benefit from our long experience and robust capabilities in the power and water sector as we supply the majority of Abu Dhabi’s power and water needs, while our regional business networks are critical to sourcing attractive opportunities in the future.

Across the region, policymakers are encouraging greater investment in vital infrastructure. As TAQA charts a new strategic path in the coming years, it will be able to draw experience in building a global business, and the technical expertise that runs through all our operations.”

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