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Taqa reports 148% increase in profit

ABU DHABI: The Abu Dhabi National Energy Company (Taqa), on Thursday announced its preliminary unaudited financial results and operational highlights for the full financial year, ending 31st of December 2018.
The company reported an increase of 148% in profit attributable to equity holders to Dhs396 million in 2018. The strong results were driven by increased oil prices in Europe and backed by a solid performance delivered by Taqa’s power and water division throughout 2018.
Taqa also recorded an increase in its revenues by 6% compared to the same period in 2017 on the back of the company’s full-year oil and gas production in Iraq versus 6 months of production the previous year which positively impacted the oil and gas business.
Commenting on the results, Saeed Mubarak Al-Hajeri, Taqa’s Chairman of the Board, said, “I am delighted that the results of the year 2018 show great progress on our path toward becoming a globally recognized energy and water provider. Taqa finished 2018 on a high note and delivered strong overall revenues, driven by a clear vision and unequivocal commitment of our management.”
Saeed Hamad Al Dhaheri, Taqa’s Chief Executive Officer, also commented by saying, “Our performance in 2018 demonstrates that we are delivering on the commitments made to our shareholders. TAQA’s robust strategy to maximise our capabilities across a diverse portfolio of assets and activities as well as the execution of our growth plans in power and water and across all our divisions has yielded visible results”.
On the operational side, Taqa’s power and water division showcased strong operational performance with gross power generation production of 89,922 GWh and 246,556 MIG of gross water desalination.