Taqa Financial Results for the First Half of 2017

Taqa Financial Results for the First Half of 2017

Overview

  • Release Date: August 09, 2017

The Abu Dhabi National Energy Company (TAQA), which operates in 11 countries, announced its financial results and the most important operational achievements for the first half of 2017:

  • Profits target achieved for the second quarter after completion the Strategic Transformation Program.
  • Increase of  the free cash flow by 33% within the first half of 2017 (1.7 Billion USD).
  • Increase of 5% from the total revenue from the first half of 2016, which (2.5 Billion USD).
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 1.9 Billion USD with an increase of 15% compared to the first half of 2016.
  • Net Income reached 30.5 Million USD with an increase of 33% compared to the first half of 2016.

The company’s operational achievements are as the following:

  • Production volume of oil and gas reached 131,086 the barrel of oil equivalent (BOE) per day.
  • Beginning of the production in “Atroch” oil field in Iraq by June and forecast to increase by 30 thousand barrels per day within 2017.
  • International power generation by the company reaches 38,346 GW\H.
  • Power generation in the UAE by the company reaches 30,091 GW\H.

About Author

Arnaud Lefevre

Arnaud Lefevre is the Chief Executive Officer of Dynatom International. Arnaud is in charge of the international development of the business portfolio.