Abu Dhabi National Energy Company (TAQA) achieved stable operational performance for the 12-month period ended December 31, 2019 with increased production levels across its businesses: power, water, oil and gas.
2019 results highlighted stable revenues on improved operational efficiencies. Revenues were stable at AED 17.6 billion in 2019 (down 1 per cent versus 2018). EBITDA stood at AED 9.1 billion (down 5 per cent versus 2018) reflecting lower commodity price.
Capex for the year was marginally higher at AED 1.8 billion (up 6 per cent from 1.7 billion in 2018). The capex program remains completely self-funded by cash generated from TAQA’s operations and is focused on sustaining and developing existing assets in the company businesses.
Oil and gas production hit 124,418 boepd (up from 123,100 boepd in 2018). This was largely due to higher entitlement production at the Atrush field in the Kurdistan Region of Iraq. This helped make up for lower volumes in Europe, which were affected by natural decline and the delay of some capital projects. Higher overall production only partially offset lower commodity prices and revenues for the oil and gas business stream declined 4 per cent to AED 6.1 billion.
Commenting on the full year performance, Saeed Mubarak Al Hajeri, Chairman of TAQA, said: “TAQA’s 2019 results continue to highlight the stability of our core underlying business within the power generation and water desalination space. As TAQA continues to reduce its debt levels, we are pursuing new opportunities to grow our portfolio of power and water assets. Moving forward, we remain positive about our future prospects and our role in shaping the energy landscape in the UAE and internationally.”
TAQA CEO, Saeed Al Dhaheri, added: “In 2019, TAQA achieved strong operational performance across the Group that helped weather weaker commodity prices. We remain committed to maximising value from existing assets through optimizing operations and unlocking synergies. We are confident of our strategy and will continue to explore investment opportunities that will add value to our business and yield higher returns for our shareholders.”