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Abu Dhabi: Abu Dhabi National Energy Company (Taqa) recorded Dh17.6 billion in group revenues for 2019, with gains across its power, water, oil and gas production. There was also a reduction of gross debt by Dh2.9 billion to Dh63.3 billion. Liquidity was also positive at Dh14.3 billion, with Dh2.9 billion in cash and cash equivalents.

The Ebitda (earnings before interest, taxes, depreciation and amortisation) stood at Dh9.1 billion, with net income attributable to shareholders at Dh234 million. “Taqa’s 2019 results continue to highlight the stability of our core underlying business within the power generation and water desalination space,” said Saeed Mubarak Al Hajeri, chairman of Taqa.

“As Taqa continues to reduce its debt levels, we are pursuing new opportunities to grow our portfolio of power and water assets. Moving forward, we remain positive about our future prospects and our role in shaping the energy landscape in the UAE and internationally,” he added.

The group remains strongly cash generative, with free cash-flow generation at Dh6.8 billion. Capex (cash expenditure) for the year was higher at Dh1.8 billion, up six per cent from Dh1.7 billion in 2018, with expenditure all being self-funded.

Taqa’s oil and gas production saw it reaching 124,418 boepd (barrels of oil equivalent per day), up from 123,100 boepd compared to 2018, with the increase largely coming from its operations at the Atrush field in the Kurdistan Region of Iraq.