TIDM69TM
RNS Number : 3723I
Abu Dhabi National Energy Co PJSC
08 August 2019
Press Release
TAQA records 5% revenue growth in H1 2019 to reach AED 9
billion
-- AED 322 million increase in Oil and Gas revenue, 11% higher compared to H1 2018
-- Continued robust Power and Water revenue generation, an AED 73 million increase
-- AED 4.8 billion in EBITDA, in line with H1 2018
-- Capital investment (capex) rose by 15% to AED 957 million, compared to H1 2018
-- Oil and Gas production up 3% to 124,760 boe/d
-- Global Power Technical Availability averaged 93.1%
-- Total liquidity remains strong at AED 12.8 billion
August 8, 2019
Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (TAQA)
(ADX: TAQA) (ISIN: AEA002401015), a leading global energy company
headquartered in Abu Dhabi with operations in 11 countries,
announced today its financial results and operational highlights
for the six-month period ending June 30, 2019.
TAQA recorded AED 9 billion of revenue in the first half of the
year, a 5% increase compared to H1 2018. The Group's Oil and Gas
business delivered strong performance with an 11% increase in
revenue, mainly driven by increased production volumes from its
assets in Europe and Iraq. Revenues from the Power and Water
business remained stable, increasing by AED 73 million to reach AED
5.7 billion.
For the first half of the year, the Group reported AED 4.8
billion in EBITDA, which remained steady with H1 2018. Strong
performance of the Group's Oil and Gas business delivered a 15%
improvement in EBITDA of AED 193 million.
The Group's overall capex also rose to AED 957 million in the
first six months of 2019, a 15% increase when compared to the same
period in 2018. The increase in Oil and Gas capex was largely
driven by the AED 116 million acquisition of an additional 7.5%
working stake in the Atrush Block from Marathon Oil Kurdistan B.V.
in May of this year. The acquired stake increases TAQA's working
interest in the project from 39.9% to 47.4%. Additional capex in
Iraq was focussed towards bringing new wells on stream and the
impact of debottlenecking work to increase the capacity of the
current production facility. This has proven to be a worthwhile
investment, with TAQA's entitlement production increasing to 5,728
boe/d in H1 2019, a 149% improvement compared to the previous
year.
While TAQA continued to witness robust operational performance,
the bottom line was somewhat impacted by one-off items. The Group
reported a net profit (TAQA share) of AED 214 million, compared to
AED 278 million in H1 2018 on the back of unfavourable
mark-to-market (MTM) revaluations within its US-based power asset,
an increased deferred tax charge due to changes in Alberta
provincial tax rates and a reduction in share of results from
investments in associates.
The Group's operational highlights for H1 2019 included strong
performance across its Power and Water business with total gross
power generation of 42,122 GWh and 117,183 million imperial gallons
(MIG) of gross water desalination. The Technical Availability
across the fleet averaged 93.1%, mostly consistent with the first
half of 2018 at 92.5%. The average production by the Oil and Gas
business for the first half of the year increased 3% to 124,760
boe/d, aided by strong well performance in Europe and Iraq.
TAQA's liquidity as of June 30, 2019 remained strong at AED 12.8
billion, including AED 2.6 billion in cash and cash equivalents,
and AED 10.2 billion of undrawn credit facilities. Furthermore, the
Group continued its substantial progress in reduction of debt that
stood at AED 64.5 billion, a decrease of AED 1.8 billion compared
to the total debt balance of AED 66.3 billion as of December 31,
2018.
Commenting on the positive performance, Saeed Mubarak Al Hajeri,
Chairman of TAQA, said: "Our solid performance in H1 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. The recent ratings
affirmation from Moody's is a testament to the stability of our
operational performance."
"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."
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/3723I_1-2019-8-8.pdf
-Ends-
Join the conference call on Thursday, August 8, 2019 at 2:30pm
(UAE time):
Local dial-in: 800035703603
Confirmation code: 79729751#
Link:
http://event.on24.com/wcc/r/2055166-1/2F65F7360F741C97F177B930334DD6C0?partnerref=rss-events
For investor relations enquiries, please contact:
Shadi Salman, CFA
ir@taqaglobal.com
For media enquiries, please contact:
Sara Abdulla Al Blooshi
media.hq@taqaglobal.com
About TAQA:
Established in 2005, TAQA is a diversified international energy
group headquartered in Abu Dhabi, the capital of the United Arab
Emirates, and listed on the Abu Dhabi Securities Exchange (ADX:
TAQA). TAQA has investments in power generation, water
desalination, oil and gas exploration and production, pipelines and
gas storage. The company's assets are located in Canada, Ghana,
India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates,
Netherlands, United Kingdom and United States.
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
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