Abu Dhabi – Mubasher: Abu Dhabi National Energy (TAQA) reported a 42% year-on-year hike in net profit in the first quarter of 2018, registering AED 110 million.
Total revenue increased by 5% to AED 4.3 billion in Q1-18 versus AED 4.1 billion in the year-ago period, according to a company statement released on Thursday.
This growth can be attributed to the inflation of goods’ prices, which played in favour of the oil and gas sector, TAQA revealed.
“TAQA is concentrating on optimising its assets in the oil and gas business while studying growth opportunities in the power and water sector,” the Abu Dhabi-listed firm’s chairman Saeed Mubarak Al Hajeri commented.
Meanwhile, earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined 4% to AED 2.3 billion in the three-month period ended 31 March, in comparison with AED 2.4 billion from January to March 2017.
“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,” Acting COO at TAQA Saeed Hamad Al Dhaheri said.
