Media Releases

TAQA records 5% revenue growth in H1 2019 to reach AED 9 billion 8 Aug 2019
Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (TAQA) (ADX: TAQA) (ISIN: AEA002401015), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, announced today its financial results and operational highlights for the six-month period ending June 30, 2019.
  • AED 322 million increase in Oil and Gas revenue, 11% higher compared to H1 2018
  • Continued robust Power and Water revenue generation, an AED 73 million increase
  • AED 4.8 billion in EBITDA, in line with H1 2018  
  • Capital investment (capex) rose by 15% to AED 957 million, compared to H1 2018
  • Oil and Gas production up 3% to 124,760 boe/d
  • Global Power Technical Availability averaged 93.1%
  • Total liquidity remains strong at AED 12.8 billion

 

August 8, 2019

Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (TAQA) (ADX: TAQA) (ISIN: AEA002401015), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, announced today its financial results and operational highlights for the six-month period ending June 30, 2019.

TAQA recorded AED 9 billion of revenue in the first half of the year, a 5% increase compared to H1 2018. The Group’s Oil and Gas business delivered strong performance with an 11% increase in revenue, mainly driven by increased production volumes from its assets in Europe and Iraq.  Revenues from the Power and Water business remained stable, increasing by AED 73 million to reach AED 5.7 billion.

For the first half of the year, the Group reported AED 4.8 billion in EBITDA, which remained steady with H1 2018. Strong performance of the Group’s Oil and Gas business delivered a 15% improvement in EBITDA of AED 193 million. 

The Group’s overall capex also rose to AED 957 million in the first six months of 2019, a 15% increase when compared to the same period in 2018. The increase in Oil and Gas capex was largely driven by the AED 116 million acquisition of an additional 7.5% working stake in the Atrush Block from Marathon Oil Kurdistan B.V. in May of this year. The acquired stake increases TAQA’s working interest in the project from 39.9% to 47.4%. Additional capex in Iraq was focussed towards bringing new wells on stream and the impact of debottlenecking work to increase the capacity of the current production facility. This has proven to be a worthwhile investment, with TAQA’s entitlement production increasing to 5,728 boe/d in H1 2019, a 149% improvement compared to the previous year.

While TAQA continued to witness robust operational performance, the bottom line was somewhat impacted by one-off items. The Group reported a net profit (TAQA share) of AED 214 million, compared to AED 278 million in H1 2018 on the back of unfavourable mark-to-market (MTM) revaluations within its US-based power asset, an increased deferred tax charge due to changes in Alberta provincial tax rates and a reduction in share of results from investments in associates.

The Group’s operational highlights for H1 2019 included strong performance across its Power and Water business with total gross power generation of 42,122 GWh and 117,183 million imperial gallons (MIG) of gross water desalination. The Technical Availability across the fleet averaged 93.1%, mostly consistent with the first half of 2018 at 92.5%. The average production by the Oil and Gas business for the first half of the year increased 3% to 124,760 boe/d, aided by strong well performance in Europe and Iraq.

TAQA’s liquidity as of June 30, 2019 remained strong at AED 12.8 billion, including AED 2.6 billion in cash and cash equivalents, and AED 10.2 billion of undrawn credit facilities. Furthermore, the Group continued its substantial progress in reduction of debt that stood at AED 64.5 billion, a decrease of AED 1.8 billion compared to the total debt balance of AED 66.3 billion as of December 31, 2018.

Commenting on the positive performance, Saeed Mubarak Al Hajeri, Chairman of TAQA, said: “Our solid performance in H1 2019 is underpinned by our strong operational performance.  The Group’s balance sheet remains healthy, and with stable revenues and a further reduction in debt coupled with strong liquidity we remain on course to meet our long term objectives. The recent ratings affirmation from Moody’s is a testament to the stability of our operational performance.” 

“We also made exciting progress in advancing our strategy of maintaining capital discipline with focused investments in our core assets, such as the Atrush Block. Looking ahead, we remain optimistic and believe that our investments in the UAE and other strategic markets will contribute to a sustained growth story.” 

-Ends-

 

Join the conference call on Thursday, August 8, 2019 at 2:30pm (UAE time):

Local dial-in: 800035703603

Confirmation code: 79729751#

Link: http://event.on24.com/wcc/r/2055166-1/2F65F7360F741C97F177B930334DD6C0?partnerref=rss-events

 

For investor relations enquiries, please contact:

Shadi Salman, CFA

ir@taqaglobal.com

 

For media enquiries, please contact:

Sara Abdulla Al Blooshi

media.hq@taqaglobal.com

 

About TAQA:

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States.

TAQA records AED 4.3 billion of revenue in Q1 2019 9 May 2019
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) (ADX: TAQA) (ISIN: AEA002401015), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its financial results and operational highlights for the three-month period ending March 31, 2019.
  • Improvements in EBITDA and operational performance
  • AED 2.4 billion in EBITDA with increase witnessed in oil and gas vs Q1 2018
  • Global power technical availability up 1.5% to 88.9% vs Q1 2018
  • Oil and gas production up 2.3% vs Q1 2018 to 126.7 mboe/d

 

09 May 2019

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) (ADX: TAQA) (ISIN: AEA002401015), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, today announced its financial results and operational highlights for the three-month period ending March 31, 2019.

TAQA recorded AED 4.3 billion of revenue in the quarter. The company reported AED 2.4 billion in EBITDA, an increase of 1% compared to the first three months of the previous year.  This was driven by strong performance of the oil and gas division with an AED 162 million increase.

While the Group maintained stable operational results, the bottom line was impacted by uncontrollable items, namely foreign exchange losses and adverse movements on mark-to-market revaluations within its US-based power asset. This resulted in a net profit (TAQA share) of AED 6 million in Q1 2019.

On the operational side, TAQA’s power and water division showcased robust performance with gross power generation of 17,597 GWh and 54,408 MIG of gross water desalination. Technical availability of power plants increased to 88.9% in the first three months of 2019, up from 87.4% in Q1 2018, as a result of strong performance from the UAE fleet.

TAQA’s oil and gas division achieved production for the first quarter of 2019 of 126.7 mboe/d, a slight increase compared to 123.8 mboe/d in Q1 2018.

Total liquidity at the end of the first quarter of 2019 remained strong at AED 13.0 billion, including AED 3.1 billion in cash and cash equivalents, and AED 10.0 billion of undrawn credit facilities. 

Total debt was reduced by AED 907 million during the quarter primarily driven by scheduled project debt repayments, with an associated reduction in interest paid of AED 123 million compared with the same period in 2018.

Commenting on the results, Saeed Mubarak Al Hajeri, TAQA’s Chairman of the Board, said, "We achieved another solid quarter of operational results. TAQA continues to demonstrate the resilience of its business model despite the various external challenges. We are also extremely pleased to make progress on our strategic priorities by maintaining our capital discipline whilst reducing our total debt levels."

Saeed Hamad Al Dhaheri, TAQA’s Chief Executive Officer, added: “Our first quarter results are evidence that we are successfully executing on our strategy. The improvements made in our operational performance and continued reduction of debt show that we are on the right path to deliver value to our stakeholders and future growth.”

 

-ENDS-

 

About TAQA:

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States.

TAQA HQ media relations:  
Sara Abdulla Al Blooshi
Sara.AlBlooshi@taqaglobal.com

TAQA reports strong performance for 2018 with AED 398mn in profit and AED 4bn reduction in debt 21 Mar 2019
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy PJSC (TAQA) (ISIN: AEA002401015) (SYMBOL: TAQA) has announced its audited financial statements for the year ended December 31, 2018 on Abu Dhabi Stock Exchange (ADX) after obtaining the approval of its Board of Directors at the meeting held on March 20, 2019.
  • Increase in total revenues to AED 17.7 billion
  • Increase of 149 percent year-on-year in net profit attributable to equity holders of the parent
  • Liquidity of AED 13.1 billion at the end of 2018
  • Total debt reduced by AED 4.0 billion
  • Gross power generation production of 89,922 GWh
  • Gross water desalination of 246,556 million imperial gallons
  • Average production of 123,100 barrels of oil equivalent (boe/d) 

 
21 March 2019 
 
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy PJSC (TAQA) (ISIN: AEA002401015) (SYMBOL: TAQA) has announced its audited financial statements for the year ended December 31, 2018 on Abu Dhabi Stock Exchange (ADX) after obtaining the approval of its Board of Directors at the meeting held on March 20, 2019. 
 
The Company reported profit attributable to equity holders of the parent of AED 398 million, an increase of 149 percent year-on-year. Revenues also grew by 6 percent in 2018 to AED 17.7 billion and EBITDA grew by 6 percent to AED 9.7 billion, mainly driven by an increase in oil and liquid prices in 2018. 
 
Free cash-flow generation remained strong at AED 7.1 billion despite higher capital expenditures, which increased from AED 1.3 billion in 2017 to AED 1.7 billion in 2018. TAQA’s capex was completely self-funded by cash generated from the Company’s operations and was focused on sustaining and developing its power & water and oil & gas assets, positioning the company to leverage future growth opportunities. 
 
The Company reduced its total debt by AED 4.0 billion, and reduced interest paid by AED 163 million during 2018. The robust financial performance has resulted in improved leverage ratios where Net Debt-to-EBITDA multiple improved to 6.5 from 7.3 the year before. 
 
TAQA also reported a strong liquidity position of AED 13.1 billion, with cash and cash equivalents of AED 3.4 billion and undrawn credit facilities of AED 9.7 billion, giving the company flexibility to address opportunities and challenges as they arise. 
 
Commenting on the results, TAQA’s Chairman, H.E. Saeed Mubarak Al-Hajeri, said: “Despite challenging business and economic conditions, TAQA’s financial and operational performance remained impressive throughout the year. We continued to define and implement a growth strategy that took into account emerging challenges while also capitalizing on the opportunities offered by the evolving power, water, oil and gas industries.”  
 
Operationally, TAQA’s power and water achieved steady performance with gross power generation of 89,922 GWh and technical availability increasing to 93.1 percent from 92.1 percent last year. Gross water desalination reached 246,556 million imperial gallons (MIG) versus 249,469 MIG on the prior year. 
 
The Oil and Gas business achieved average production of 123,100 boe/d, a 2.4 percent decline from 2017 as the company mitigated natural base decline of existing assets with investment in new development projects, the most notable being the Atrush field in Iraq which achieved entitlement production of 3,855 boe/d over 12 full months of operations in 2018. 
 
Saeed Hamad Al Dhaheri, CEO of TAQA commented on the performance and said: “In a year that businesses confronted challenges emerging from the global energy transition, TAQA has delivered strong financial and operational performance in 2018 with profits up year-on-year and revenue increasing by approximately AED 1.0 billion. In 2018, we successfully achieved a debt reduction of AED 4.0 billion, which was the result of a robust cost rationalization exercise and operational improvements executed across the organisation.” 
 
The impressive financial and operational performance registered by TAQA was driven by a combination of factors: strong performance of our Power and Water division; enhanced oil and liquid prices; and the management’s dedication towards delivering maximum shareholder value.” Al Dhaheri added. 
 
 
The full Q4 2018 and 2018 financial statements can be found at https://www.taqaglobal.com/investors/quarterly-reports/2018    
 
-ENDS- 
 
Join the conference call on Thursday, March 21 at 3:30pm (UAE time): 

Local dial-in: 800035703603

Confirmation code: 25791713#

Link: http://event.on24.com/wcc/r/19526761/59EDF9E5E2A010221B0E19220DC788DE?partnerref=rss-events  
 
About TAQA: 
 
Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States. 
 
TAQA HQ media relations:   

Sara Abdulla Al Blooshi 

Sara.AlBlooshi@taqaglobal.com  
 
Cautionary statements relevant to forward-looking information: 
This news release contains forward-looking statements relating to Abu Dhabi National Energy PJSC (TAQA) operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” ”guidance,” “focus,” “on schedule,” “on track,” "is slated,” “goals,” “objectives,” “strategies,” “opportunities,” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, TAQA undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.