TIDM69TM
RNS Number : 6936K
Abu Dhabi National Energy Co PJSC
12 April 2018
Press Release
TAQA reports full year net profit of AED 160 million for
2017
22 March 2018
ABU DHABI, United Arab Emirates - Abu Dhabi National Energy
Company PJSC (TAQA), a leading global energy company headquartered
in Abu Dhabi with operations in 11 countries, today reported its
fully audited financial results and operational highlights for the
financial year, ending 31st of December 2017.
TAQA reported a net profit attributable to shareholders of AED
160 million for the 2017 financial year, as the oil and gas
business benefitted from higher hydrocarbon prices and sustained
cost efficiencies, and the power and water business continued to
deliver strong income.
TAQA's total revenues stood at AED 16.7 billion in 2017, an
increase of 4% on 2016. Earnings before interest, tax,
depreciation, and amortisation (EBITDA) increased by 7% to AED 9.1
billion, with sustained cash cost savings contributing to the
improved EBITDA margin.
The company continues to benefit from the two-year
transformation programme, which finished in 2016, having delivered
an AED 13.2 billion reduction in costs, including capital and
operating expenditure. In 2017, operating expenditure in the oil
and gas business was approximately 40% lower than 2014 levels.
In 2017, TAQA generated free cash flow of AED 7.4 billion, which
was 1% higher than in 2016. This increase was primarily a result of
the aforementioned higher EBITDA which was utilized to support
increased levels of investment.
H.E. Saeed Mubarak Al-Hajeri, Chairman of the Board of
Directors, said:
"Having completed a two-year transformation programme in 2016,
TAQA is now well positioned to contribute further to the economic
diversification strategy being pursued by the Abu Dhabi government
- our main shareholder. Our base in the UAE's capital has given us
a stable economic and financial environment, where we benefit from
our long experience and robust capabilities in the power and water
sector as we supply the majority of Abu Dhabi's power and water
needs, while our regional business networks are critical to
sourcing attractive opportunities in the future.
Across the region, policymakers are encouraging greater
investment in vital infrastructure. As TAQA charts a new strategic
path in the coming years, it will be able to draw experience in
building a global business, and the technical expertise that runs
through all our operations."
Full year 2017 financial highlights:
-- 2017 total revenues of AED 16.7 billion, an increase of 4% on
2016 (2016: AED 16.1 billion) primarily driven by higher commodity
prices that benefitted the oil and gas business, while the power
and water business remained steady.
-- 2017 EBITDA of AED 9.1 billion, up 7% on 2016 (2016: AED 8.5
billion) supported by higher revenues and sustained cash cost
savings.
-- TAQA turned to net profit in 2017. Profit attributable to equity holders of AED 160 million.
-- 2017 free cash flow of AED 7.4 billion, which was 1% higher
than in 2016 (2016: AED 7.3 billion) . This increase was primarily
a result of the aforementioned higher EBITDA which was utilized to
support increased levels of investment.
-- Total liquidity remains strong at AED 15.4 billion, including
AED 4.2 billion in cash and cash equivalents and AED 11.2 billion
of undrawn credit facilities.
Operational Highlights: Power & Water
-- Global power and water business delivered a robust operating
performance, with 89,846 GWh of gross power generation and 249,469
MIG of gross water desalination. This places TAQA in the global
industry's top quartile producers. Global power technical
availability decreased slightly to 92.1% in 2017, from 93.6% in
2016, due partly to unplanned outages at a power plant in
Ghana.
-- UAE operations produced 64,064 GWh of electricity and 249,469
MIG of desalinated water, meeting the majority of Abu Dhabi's water
and electricity requirements.
Operational Highlights: Oil & Gas
-- Production volumes of 126,200 barrels of oil equivalent per
day (boe/d) in 2017, down by 8% from 2016 (137,300 boe/d), impacted
by natural decline, prior capital expenditure reductions and
planned North Sea platform maintenance.
-- Operating margins per barrel increased, driven by higher
realised prices and sustained cost efficiencies.
-- Production at the Atrush Block in the Kurdistan Region of
Iraq began in July 2017 and TAQA received its first payments from
the Kurdistan Regional Government.
Saeed Hamad Al Dhaheri, acting Chief Operating Officer,
said:
"TAQA has come through an extremely tough market environment,
with the company's financial results reflecting the company's
resilience. Turning to a net profit in 2017 is therefore an
impressive and notable achievement. Higher hydrocarbon prices,
together with sustained cost efficiencies, benefited our oil and
gas business, while the power and water business continued to
deliver a robust operational and financial performance. The company
is focused on optimizing returns from all of its global assets,
while playing a key role in Abu Dhabi's economic development by
being a major player in the regional power and water sector."
Mohammed Al Ahbabi, acting Chief Financial Officer, said:
"Since oil prices fell sharply in 2014, TAQA has worked hard to
transform the company. We have already seen positive operational
and financial results of our work, with the transformation
programme resulting in the reduction of costs by AED 13.2 billion.
TAQA has been able to continue to record strong cash flow
generation, and improved profitability, with total revenues
increasing 4 percent in 2017 to AED 16.7 billion, and the company
turning to a net profit. We have been working hard to lower TAQA's
finance costs, and we are gradually reducing its debt levels, which
will have a positive impact on our financial performance in the
coming years."
- ENDS -
http://www.rns-pdf.londonstockexchange.com/rns/6936K_-2018-4-12.pdf
TAQA media relations:
Sara Al Blooshi
Tel: +971 2 691 4940
Media.HQ@taqaglobal.c om
This information is provided by RNS
The company news service from the London Stock Exchange
END
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April 12, 2018 03:44 ET (07:44 GMT)
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