Abu Dhabi: Abu Dhabi National Energy Company, Taqa, on Thursday announced a 5 per cent revenue increase for the first half of 2019 to Dh9 billion on the back of increased oil and gas production.
The state-owned company which operates in 11 countries saw its oil and gas business revenue go up by 11 per cent compared to the first half of 2018 as operations in Europe and Iraq saw an uptick in volume. Revenues from power and water also brought in Dh5.7 billion, an increase of Dh73 million.
“Our solid performance in the first half of 2019 is underpinned by our strong operational performance. The group’s balance sheet remains healthy, and with stable revenues and a further reduction in debt coupled with strong liquidity we remain on course to meet our long term objectives,” said Saeed Mubarak Al Hajeri, chairman of Taqa.
“We also made exciting progress in advancing our strategy of maintaining capital discipline with focused investments in our core assets, such as the Atrush Block. Looking ahead, we remain optimistic and believe that our investments in the UAE and other strategic markets will contribute to a sustained growth story,” he added.
Taqa’s capital investment on oil and gas was also up in the first half of the year with its Dh116 million acquisition of the Atrush Block oilfield in Iraq, which saw its total stake in the project going up to 47.4 per cent. The group’s total capex was up by 15 per cent to Dh957 compared to the same period in 2018, with the company crediting the investments for increasing oil and gas production.
For the first half of the year, the group reported Dh4.8 billion in Ebitda, which remained steady when compared to the first half of 2018. Strong performance of the group’s oil and gas business delivered a 15 per cent improvement in Ebitda of Dh193 million.