Abu Dhabi National Energy Company (TAQA) on Thursday reported a 43 per cent rise in first-quarter profit, boosted by higher crude oil prices.
The state-owned oil explorer and power supplier made a profit attributable to shareholders of Dhs110m ($30m) in the three months ending March 31, it said in a bourse statement.
That compared with Dhs77m profit earned in the first quarter of 2017. Revenues in the quarter totalled Dhs4.3bn versus Dhs4.1bn in the year-ago period.
Production volumes of 123,800 barrels of oil equivalent per day in the first quarter 2018 were down 6 per cent from the year earlier period, impacted by natural decline and North Sea platform maintenance.
But operating margins per barrel increased, mainly driven by higher realised prices, the statement said.
“TAQA is concentrating on optimising its assets in the oil and gas business, while studying growth opportunities in the power and water sector,” Saeed Mubarak al Hajeri, chairman of Taqa said in the statement.
TAQA’S liquidity stood at Dhs12.6bn, including Dhs3.6bn in cash and cash equivalents and Dhs8.9bn of undrawn credit facilities.
Total debt was reduced by Dhs790m during the period, bringing it down to Dhs69.4bn ending March 31.
Last month, TAQA issued $1.75bn in bonds for repaying outstanding debt.