Dubai – Mubasher: Abu Dhabi National Energy (TAQA) turned profitable in the first quarter of 2017 against losses incurred in the prior-year period, according to a bourse statement.
Net profits attributable to the company’s equity holders reached AED 77 million ($20.96 million) in Q1-17, versus net losses of AED 608 million ($165.49 million) in Q1-16.
The company achieved profits of AED 229 million in Q1-17, against losses of AED 475 million in Q1-16.
TAQA’s profits are attributed to a rise in realised commodity prices and sustained cash costs.
Total revenues grew 6% to AED 4.1 billion in Q1-17 from AED 3.9 billion in Q1-16, backed by higher oil and gas prices.
The company maintained liquidity of AED 12.8 billion, of which AED 3.7 billion are in cash and cash equivalents, and AED 9.1 billion are undrawn credit facilities.
Total debts fell by AED 675 million, while interest paid declined by AED 174 million.
