The financial statements of Abu Dhabi National Energy Company (TAQA) showed that the company converted to a loss at the end of the first quarter of this year compared to the same period in 2019.
According to the results of the company for the Abu Dhabi Securities Market, the losses for the period amounted to 1.73 billion dirhams, compared to the profits for the corresponding period of 2019, amounting to 6 million dirhams.
Taqa said in a statement to the Stock Exchange that the shift to losses is due to a 9% decrease in revenues to 3.69 billion dirhams, due to the drop in oil and gas prices sold by the company by 21%. For the same period last year.
Due to the decrease in oil and gas prices witnessed by the group in early 2020, Taqa has reported provisions for a decrease in the value of property, plant, equipment and intangible assets, amounting to approximately two billion dirhams. This resulted in an impairment fee before tax.
Saeed Hamad Al Dhaheri, CEO of the company, said: Our results continue to show the value of the stable business of the electricity and water sector in light of the low and unstable commodity prices. The Corona Virus pandemic has cast a shadow over the volume of demand in several sectors around the world, which affected the company's results in the first quarter, as is the case with many other companies exposed to the oil and gas sector.
