TAQA takes one-time charge

Abu Dhabi National Energy Company, more commonly referred to as TAQA, posted its results for 2016 on Thursday, revealing a net loss of AED 19 billion (USD 5.17 billion).

An AED 16.9-billion (USD 4.6 billion) impairment on account of lower oil and gas prices held the company back.

Total revenues were recorded at AED 16.1 billion (USD 4.38 billion), down from AED 19.3 billion (USD 5.25 billion) in 2015, while EBITDA was seen at AED 8.5 billion (USD 2.31 billion). TAQA achieved an average production of 137,300 boepd during 2016.

TAQA also used Thursday’s posting to announce the completion of its two-year transformation programme, which, the company said, had resulted in cumulative savings of AED 13.2 billion (USD 3.59 billion).

“The successful delivery of the Transformation Programme has significantly reshaped the business, making TAQA a more efficient and focused organisation. In addition, the recent additional equity now provides TAQA with the solid foundation to capitalise on future opportunities and achieve greater success,” Chairman of the Board of Directors Saeed Mubarak Al Hajeri said.