Published On: Thu, Nov 13th, 2014

TAQA reports income of AED 620 million during 1st nine months of 2014

TAQA reports income of AED 620 million during 1st nine months of 2014

TAQA reports income of AED 620 million during 1st nine months of 2014

TAQA, the Abu Dhabi National Energy Company, generated net income of AED620 million and reduced its debt by over AED3 billion during the first nine months of 2014.

TAQA’s oil and gas production averaged a new record level of 158,500 barrels of oil equivalent per day during the nine month period, up 17% compared to the first nine months of 2013. The company increased its power generation capacity by 700 megawatt (MW) to 17,095 MW following the expansion of the Jorf Lasfar power station in Morocco.

Greater focus on managing costs and achieving greater business efficiencies resulted in a 9% reduction in general and administrative costs and reduced unit operating costs in our UK and North American businesses.

Higher production levels and increased operational efficiencies supported by higher oil and gas prices raised underlying revenues by 14% to AED16,866 million, and resulted in a record EBITDA of AED11,446 million, up 21% against the same period in 2013.

TAQA’s net income after minority interests was AED620 million, up from AED80 million in the first nine months of 2013. TAQA also reduced its debt by over AED3 billion by using excess cash flow and selling non-core assets.

Edward LaFehr, Chief Operating Officer, said, “This financial result is due to excellent operational performance across our global asset base, combined with strong oil and gas pricing. We have also focused capital investment and reduced general and administrative costs, while maintaining our focus on safety. These efforts are even more important now in today’s challenging commodity price environment.” As at the 30th September 2014, TAQA had available liquidity of AED15 billion, including AED3 billion of cash in hand.

Source : WAM News Agency for United Arab Emirates

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