Abu Dhabi National Energy Co PJSC 3rd Quarter Results (6121S)
November 07 2019 - 1:00AM
UK Regulatory
TIDM69TM
RNS Number : 6121S
Abu Dhabi National Energy Co PJSC
07 November 2019
Press Release
TAQA's core investments drive nine month 2019 profits
The Group reports AED 13 billion in revenues and AED 3 billion
debt reduction
November 7, 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 nine-month period ended September 30, 2019.
TAQA recorded steady revenues of AED 13.1 billion for the
period, a slight decrease of 3% compared to the corresponding
period in 2018. Revenues for the Power and Water segment remained
stable at AED 8.7 billion and were 9% lower at AED 4.4 billion for
the Oil and Gas segment due to lower volumes and realized prices in
Europe. Global power technical availability averaged 94.5% with oil
and gas production up 1% to 123,322 barrels of oil equivalent per
day (boepd).
The Group also reported AED 7.0 billion in EBITDA, a 5%
reduction compared to the previous year, mainly driven by lower
revenue along with reduced income from associates due to one-off
insurance proceeds at Sohar Aluminium in 2018.
The Group's overall capex marginally increased to AED 1,221
million for the period, consistent with 2018 spend. Power and Water
capex was focused on regular maintenance work predominantly across
the UAE fleet, while Oil & Gas capex included bringing new
wells on stream at TAQA Atrush and carrying out debottlenecking
work to increase the capacity of volumes that can be handled by the
production facility. TAQA's entitlement production has now reached
6,345 boepd for the nine month period ended 30 September 2019, a
102% increase from 2018. Contributions to both revenues and EBITDA
from the Atrush asset have increased significantly, up 95% and 106%
respectively to AED 357 million and AED 222 million.
Consolidated net profit was negatively impacted by unfavorable
mark-to-market movements generated by an energy price reduction and
the reimplementation of the regional greenhouse gas initiative in
New Jersey which impacted Red Oak, the Group's US-based power
asset. This was offset by positive movements in foreign exchange
gains which were realized as a result of a weaker Euro and a
reduction in current tax charges due to the decrease in taxable
income within the Oil and Gas segment. Therefore, the consolidated
net income fell 21% to AED 925 million with TAQA's share of net
profits down 54% to AED 198 million compared to the nine-month
period last year.
TAQA's liquidity as of 30 September 2019 remained strong at AED
11.2 billion, including AED 2.2 billion in cash and cash
equivalents and AED 8.9 billion of undrawn credit facilities. This
reflected September's redemption at maturity of TAQA's US$ 500
million bond carrying a 6.250% coupon that was later refinanced in
early-October with a new bond of the same value, carrying a reduced
coupon of 4.000% and due for repayment in 2049. The Group continued
its substantial progress in reducing debt, with a decrease of AED
3.0 billion over the last nine months, which brings the Groups debt
to AED 63.3 billion at the end of the period.
Commenting on the year-to-date performance, Saeed Mubarak Al
Hajeri, Chairman of TAQA, said: "TAQA's results for the first nine
months of 2019 come amid headwinds for the hydrocarbon industry and
continue to be bolstered by strong and stable performance in our
Power and Water business. In addition, the Group continues to
reduce its debt position while maintaining strong liquidity. Our
recent 30-year bond issuance and the overwhelming demand seen from
investors is testament to the stability of our overall business.
Moving forward, we remain positive about greater opportunities to
grow our power generation and water desalination business to
achieve sustained growth."
TAQA CEO, Saeed Al Dhaheri, added: "In the first nine months of
the year, TAQA had strong performance by the UAE fleet resulting in
an increased availability to help meet power and water demands. Our
oil and gas business was boosted by our increased production at
KRI's Atrush, which currently stands at 45,000 barrels of oil per
day, as well as increased revenues from our gas storage facilities
in the Netherlands."
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-Ends-
For investor relations enquiries, please contact: Shadi Salman,
CFA (ir@taqaglobal.com)
For media enquiries, please contact: LeAnne Graves
(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, the United Kingdom and the United States.
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END
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