May 10, 2018 / 5:51 AM / 13 days ago

UAE's TAQA Q1 profit up on higher oil prices

ABU DHABI, May 10 (Reuters) - Abu Dhabi National Energy Company (TAQA) on Thursday reported a 43 percent rise in first-quarter profit, boosted by higher crude oil prices. The state-owned oil explorer and power supplier made a profit attributable to shareholders of 110 million dirhams ($30 million) in the three months ending March 31, it said in a bourse statement. That compared with 77 million dirhams profit earned in the first quarter of 2017. Revenues in the quarter totalled 4.3 billion dirhams versus 4.1 billion dirhams in the year-ago period. Production volumes of 123,800 barrels of oil equivalent per day in the first quarter 2018 were down 6 percent from the year earlier period, impacted by natural decline and North Sea platform maintenance. But operating margins per barrel increased, mainly driven by higher realised prices, the statement said.

“TAQA is concentrating on optimizing its assets in the oil and gas business, while studying growth opportunities in the power and water sector,” Saeed Mubarak al Hajeri, chairman of Taqa said in the statement. TAQA’S liquidity stood at 12.6 billion dirhams, including 3.6 billion dirhams in cash and cash equivalents and 8.9 billion dirhams of undrawn credit facilities. Total debt was reduced by 790 million dirhams during the period, bringing it down to 69.4 billion dirhams ending March 31. Last month, TAQA issued $1.75 billion in bonds for repaying outstanding debt. (Reporting By Stanley Carvalho, editing by Tom Arnold)

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