With strong liquidity at the end of the second quarter
3.3 billion dirhams of "TAQA" revenues during 3 months
The revenues generated from the quantities of oil and gas sold by the company decreased by 62%. ■ archive
The Abu Dhabi National Energy Company (TAQA) revealed yesterday its profits for the second quarter of this year, as the revenues of the group decreased by 28% to reach 3.3 billion dirhams, reflecting the continuing negative impact of the Coronavirus (Covid-19) pandemic on the markets. energy.
In a statement, TAQA stated that the revenues achieved from the quantities of oil and gas it sold decreased by 62% compared to the same period last year, while revenues from power generation and water contracted by “TAQA” in the UAE did not change compared to the same period last year. 2019, while revenues and costs declined in the international energy sector, reflecting lower demand.
The Group's EBITDA decreased by 27% to reach AED 1.8 billion, but the decrease in revenues was partly offset by lower operating expenses within the oil, gas, electricity and water companies.
The net loss attributable to TAQA shareholders for the second quarter of this year was 205 million dirhams, compared to a net profit of 208 million dirhams for the same period last year. However, at the end of the second quarter, TAQA's liquidity remained strong at the level of 11 billion dirhams, including 4.6 billion dirhams of cash and its equivalent, and 6.4 billion dirhams of undrawn credit facilities.
"We are excited to start our new journey as a world leader in the integrated utilities sector, and TAQA will continue to play a leading role in the energy market in the UAE," said Jassim Hussein Thabet, CEO and Managing Director of TAQA.
Revenues from locally contracted power and water generation have not changed.