Abu Dhabi's TAQA swings to annual profit, helped by higher oil prices
TAQA had been under pressure because of weak oil prices in the previous few years
Abu Dhabi National Energy Co. (TAQA) said on Thursday it had swung to an annual profit after a loss in 2016 due to an exceptional impairment charge.
Acting chief operating officer Saeed Hamad al-Dhaheri said in a statement that the 171 million dirham ($46.56 million) profit was helped by higher hydrocarbon prices and sustained cost efficiencies.
TAQA, 75 percent-owned by the government of Abu Dhabi, recorded a net loss of 18.55 billion dirham for the previous year. It did not provide a breakdown of earnings for the 2017 fourth quarter.
Like most global oil firms, TAQA had been under pressure because of weak oil prices in the previous few years. TAQA had reported a loss in the third quarter, but a profit in both the second and first quarter.
Annual revenue in 2017 grew 3 percent to 16.7 billion dirham compared to the same year ago period.
Oil production fell to 126,200 barrels of equivalent oil per day, a decrease of 8 percent compared to 2016.
In November, TAQA said it had closed a $1.25 billion bridge loan facility.
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