TIDM69TM
RNS Number : 7496G
Abu Dhabi National Energy Co PJSC
08 November 2018
TAQA reports net profit of AED 431 million and AED 3.7 billion
debt reduction in first nine months of 2018
8(th) November 2018
Financial highlights for the periods ending 30 September
2018:
Net income of AED 431 million in first nine months of 2018. The
improved performance was driven largely by higher oil and liquids
prices as well as mark-to-market gains at TAQA's U.S. power
assets.
-- Revenues for the first nine months of 2018 increased 8% year on year to AED 13.5 billion.
-- EBITDA for the first nine months of 2018 increased 9% year on year to AED 7.4 billion
-- Free cash flow in the nine-month period increased 1% year on
year to reach AED 5.6 billion, mainly due to an increase in cash
flow from operations partially offset by higher capital
expenditures.
-- TAQA continued to achieve strong liquidity at AED 13.2
billion, including AED 3.0 billion in cash and cash equivalents,
and AED 10.2 billion of undrawn credit facilities.
-- Across the nine-month period, the Group has reduced its total
debt by AED 3.7 billion and has witnessed a reduction in interest
paid of AED 231 million compared to the same period of last
year.
Operational Highlights:
Power and water:
-- Technical Availability for the UAE domestic assets improved
to 94.4% in the first nine months of 2018, compared to 92.9% a year
earlier. Additionally, international operations' availability
improved substantially to 93.8% from 88.1% a year earlier, mostly
driven by better performance in Africa.
-- UAE power generation was 48, 989 GWh during the period,
compared to 49,899 GWh generated in the first nine months of 2017,
while internationally, power generation reached 20,375 GWh,
compared with 19,960 a year earlier.
Oil and gas:
-- The Group's average daily production for the first nine
months of 2018 declined slightly to 122,000 boed.
-- Revenues from oil and gas business during the nine-month
period reached AED 4.8 billion, compared to AED 4.1 billion a year
earlier. EBITDA for the business reached AED 2.0 billion compared
to AED 1.7 billion last year.
Company commentary on group results:
ABU DHABI, 8(th) November 2018 - Abu Dhabi National Energy
Company PJSC (TAQA), a leading global energy company with
operations in 11 countries, has reported a net income of AED 431
million for the first nine months of 2018. Growth has been driven
by higher global oil prices, greater efficiency at the company's
power assets.
In the first nine months of 2018, TAQA recorded an 8 percent
year-on-year rise in revenues to AED 13.5 billion, while EBITDA
increased by 9 percent to AED 7.4 billion.
TAQA's oil and gas business is benefiting from higher oil and
liquids prices, while its power and water business has also seen
improved performance in the last year, mainly due to increased
efficiency in TAQA's global assets.
Commenting on the results, H.E. Saeed Mubarak Al Hajeri, the
Chairman, said:
"TAQA has achieved a very strong financial turnaround in the
last year, which is the result of three years of hard work to
strengthen our business to withstand the most volatile of business
cycles. The company is now well positioned to implement our
strategy for growth, which will combine attaining optimal returns
from our oil and gas business, while maximising efficiency at
current power and water assets and pursuing new opportunities in
the utilities sector."
Saeed Hamad Al Dhaheri, Acting COO at TAQA added:
"TAQA is fully focused on creating value for all our
stakeholders. We are strengthening our balance sheet, by continuing
to reduce debt, and have reduced our financing costs. At the same
time, we are investing in the business, with our target for capital
expenditure this year at AED 2 billion, funded completely by the
company's cash flow from operations. Our aim is to ensure that our
assets in both the oil and gas business, and the power and water
business continue to experience improving operational and financial
performance in the coming years."
TAQA's power and water business continued to deliver a strong
performance, with revenues stable at AED8.7 billion and EBITDA
(earnings before interest, tax, depreciation and amortization) at
AED5.2 billion. The business generated 69.36 GWh of power globally
in the nine-month period, with technical availability standing at
94.3 percent.
The oil and gas business produced AED4.8 billion of revenue, and
EBITDA of AED 2 billion. Operating netbacks per barrel increased in
Europe driven by higher oil prices, while operations in North
America continued to be affected by the low gas price environment
in Canada.
This year, TAQA has continued to strengthen its balance sheet.
The company has reduced its debt by AED 3.7 billion since the
beginning of the year, which led to a reduction of AED 231 million
in cash interest paid.
In the first nine months of 2018, free cash flow increased 1
percent year on year to reach AED 5.6 billion, mainly due to an
increase in cash flow from operations partially offset by higher
capital expenditure.
Total liquidity remains strong at AED 13.2 billion, including
AED 3.0 billion in cash and cash equivalents and AED 10.2 billion
of undrawn credit facilities.
- ENDS -
Click on, or paste the following link into your web browser, to
view the associated PDF document:
http://www.rns-pdf.londonstockexchange.com/rns/7496G_1-2018-11-8.pdf
TAQA media relations:
Sara Al Blooshi
Tel: +971 2 691 4940
Media.HQ@taqaglobal.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
QRTEAKFPESDPFEF
(END) Dow Jones Newswires
November 08, 2018 02:03 ET (07:03 GMT)
Abu Dhabi 20 (LSE:69TM)
Historical Stock Chart
From Nov 2024 to Dec 2024
Abu Dhabi 20 (LSE:69TM)
Historical Stock Chart
From Dec 2023 to Dec 2024
