Abu Dhabi National Energy Company achieved revenue of 17.6 billion dirhams in 2019.
According to Emirates News Agency, the company recorded a profit of 9.1 billion dirhams before calculating interest, taxes, depreciation and amortization according to the financial results issued today for the fiscal year ending on December 31, 2019.
During 2019, TAQA achieved strong operating performance as it recorded a significant increase in production levels across all its business sectors, which include electricity generation, water desalination and the oil and gas sector, which contributed to ensuring the continued achievement of profits for the group for the third year in a row, despite the adverse market conditions witnessed in the sector Oil and gas.
In terms of the electricity generation and water desalination sector, the global technical availability rate, which is one of the main indicators, reached 93.4%, up from the 93.1% rate in 2018. The total volume of electricity generation from the company’s operations reached 91,307 GWh, registering an increase compared to the year of 89,922 GWh.
The company's domestic water production reached 246,894 million gallons this year, compared to 246,558 million gallons in 2018. This increase contributed to revenue growth from major businesses by 1 % To 11.5 billion dirhams.
The rate of oil and gas production for this year was 124,418 barrels of oil equivalent per day, recording a rise from 2018, which amounted to 123,100 barrels of oil equivalent per day, largely due to the increase in production in the Atrush field in the Kurdistan region of Iraq. This rise helped to offset lower production volumes in Europe, which were affected by the natural decline in reserves and the postponement of some capital projects.
The increase in total production was partly offset by lower commodity prices, and oil and gas sector revenues fell 4% to 6.1 billion dirhams.
The Group has benefited from a 7% decrease in financing costs compared to 2018 as a result of the continuous decline in total debt and a decrease in accumulated expenses in Europe due to a review of the commitment to remove assets at retirement during the year. We recorded a market price reassessment that was not mainly due to Red Oak Power Station, one of the company’s assets in the United States where energy prices fell and the greenhouse gas reduction initiative implemented in New Jersey.
The company compensated for this by declining tax expenses thanks to the decrease in taxable profits mainly in the oil and gas sector in addition to the gains from foreign exchange resulting from the weakening of the euro.
Net income for TAQA shareholders reached 234 million dirhams, equivalent to an annual decrease of 164 million dirhams.
TAQA continues to strengthen its balance sheet with a total debt decrease of about 2.9 billion ...
