TAQA swings to profit

Multinational

ABU DHABI, May 11, 2017 – Abu Dhabi National Energy Company, commonly referred to as TAQA, on Thursday posted its first quarterly profit in two years on account of higher oil prices.

The company recorded a net income of close to USD 21 million over the first three months of the year, recovering from a USD 165.5-million loss over the same period in 2016. Revenues were up 6% year-on-year to USD 1.1 billion.

TAQA’s hydrocarbons production was down 14% to 132,200 boepd compared with last year, mainly as a result of lower capital expenditure.

Output is expected to recover later in the year, when the Atrush project in the Kurdistan Region of Iraq is expected to come on stream.

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