UAE’s TAQA rebounds to profit in Q3, fuelled by higher oil prices

The company’s total debt has been reduced by Dhs3.7bn so far this year

Abu Dhabi National Energy Co (TAQA) on Thursday reported a third-quarter profit, recovering from a loss a year earlier, as higher oil prices boosted its revenue.

The state-owned oil explorer and power supplier made a profit attributable to equity holders of Dhs153m ($42m) in the three months ended September 30, it said in a bourse statement.

That compared with a Dhs194m loss in the same period last year.

Read: Abu Dhabi’s TAQA reports 43% profit rise

Third-quarter revenue from oil and gas was Dhs1.6bn compared to Dhs1.2bn in the prior-year period.

The company’s total debt of Dhs70.2bn as at December 2017 was reduced by Dhs3.7bn over the nine-month period this year, the statement said.