Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (TAQA) has turned to profitability after carrying on with its strategic transformation programme, said chief operating officer Saeed Al Dhaheri on Thursday.
“After the completion of our two-year transformation programme, I am pleased to announce a return to profit for the first quarter. The transformative cost reduction initiatives are now sustainably embedded across the organisation and with the balance sheet stabilised, we are now well positioned to secure future growth as market conditions stabilise and improve,” he said, according to a statement.
Moving forward, TAQA plans to maintain “discipline” in its cost and operational efficiency, as well as focus its investments in its “most profitable assets to maximise cash flow,” he added.
Earlier on Thursday, the Abu Dhabi-listed energy company reported turning to profits in the first quarter of 2017 with net profits attributable to equity holders reaching AED 77 million ($20.96 million) against net losses of AED 608 million ($165.49 million) in Q1-16.
Meanwhile, net profits amounted to AED 229 million in Q1-17, against losses of AED 475 million in the year-ago period.
TAQA attributed the profitable first quarter to a rise in realised commodity prices and sustained cash costs.
