TIDM69TM
RNS Number : 5560T
Abu Dhabi National Energy Co PJSC
21 March 2019
Press Release
TAQA reports strong performance for 2018 with AED 398mn in
profit and AED 4bn reduction in debt
-- Increase in total revenues to AED 17.7 billion
-- Increase of 149 percent year-on-year in net profit
attributable to equity holders of the parent
-- Liquidity of AED 13.1 billion at the end of 2018
-- Total debt reduced by AED 4.0 billion
-- Gross power generation production of 89,922 GWh
-- Gross water desalination of 246,556 million imperial gallons
-- Average production of 123,100 barrels of oil equivalent (boe/d)
21 March 2019
ABU DHABI, United Arab Emirates - Abu Dhabi National Energy PJSC
(TAQA) (ISIN: AEA002401015) (SYMBOL: TAQA) has announced its
audited financial statements for the year ended December 31, 2018
on Abu Dhabi Stock Exchange (ADX) after obtaining the approval of
its Board of Directors at the meeting held on March 20, 2019.
The Company reported profit attributable to equity holders of
the parent of AED 398 million, an increase of 149 percent
year-on-year. Revenues also grew by 6 percent in 2018 to AED 17.7
billion and EBITDA grew by 6 percent to AED 9.7 billion, mainly
driven by an increase in oil and liquid prices in 2018.
Free cash-flow generation remained strong at AED 7.1 billion
despite higher capital expenditures, which increased from AED 1.3
billion in 2017 to AED 1.7 billion in 2018. TAQA's capex was
completely self-funded by cash generated from the Company's
operations and was focused on sustaining and developing its power
& water and oil & gas assets, positioning the company to
leverage future growth opportunities.
The Company reduced its total debt by AED 4.0 billion, and
reduced interest paid by AED 163 million during 2018. The robust
financial performance has resulted in improved leverage ratios
where Net Debt-to-EBITDA multiple improved to 6.5 from 7.3 the year
before.
TAQA also reported a strong liquidity position of AED 13.1
billion, with cash and cash equivalents of AED 3.4 billion and
undrawn credit facilities of AED 9.7 billion, giving the company
flexibility to address opportunities and challenges as they
arise.
Commenting on the results, TAQA's Chairman, H.E. Saeed Mubarak
Al-Hajeri, said: "Despite challenging business and economic
conditions, TAQA's financial and operational performance remained
impressive throughout the year. We continued to define and
implement a growth strategy that took into account emerging
challenges while also capitalizing on the opportunities offered by
the evolving power, water, oil and gas industries."
Operationally, TAQA's power and water achieved steady
performance with gross power generation of 89,922 GWh and technical
availability increasing to 93.1 percent from 92.1 percent last
year. Gross water desalination reached 246,556 million imperial
gallons (MIG) versus 249,469 MIG on the prior year.
The Oil and Gas business achieved average production of 123,100
boe/d, a 2.4 percent decline from 2017 as the company mitigated
natural base decline of existing assets with investment in new
development projects, the most notable being the Atrush field in
Iraq which achieved entitlement production of 3,855 boe/d over 12
full months of operations in 2018.
Saeed Hamad Al Dhaheri, CEO of TAQA commented on the performance
and said: "In a year that businesses confronted challenges emerging
from the global energy transition, TAQA has delivered strong
financial and operational performance in 2018 with profits up
year-on-year and revenue increasing by approximately AED 1.0
billion. In 2018, we successfully achieved a debt reduction of AED
4.0 billion, which was the result of a robust cost rationalization
exercise and operational improvements executed across the
organisation."
The impressive financial and operational performance registered
by TAQA was driven by a combination of factors: strong performance
of our Power and Water division; enhanced oil and liquid prices;
and the management's dedication towards delivering maximum
shareholder value." Al Dhaheri added.
The full Q4 2018 and 2018 financial statements can be found at
https://www.taqaglobal.com/investors/quarterly-reports/2018
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/5560T_1-2019-3-21.pdf
-ENDS-
Join the conference call on Thursday, March 21 at 3:30pm (UAE
time):
Local dial-in: 800035703603
Confirmation code: 25791713#
Link:
http://event.on24.com/wcc/r/1952676-1/59EDF9E5E2A010221B0E19220DC788DE?partnerref=rss-events
About TAQA:
Established in 2005, TAQA is a diversified international energy
group headquartered in Abu Dhabi, the capital of the United Arab
Emirates, and listed on the Abu Dhabi Securities Exchange (ADX:
TAQA). TAQA has investments in power generation, water
desalination, oil and gas exploration and production, pipelines and
gas storage. The company's assets are located in Canada, Ghana,
India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates,
Netherlands, United Kingdom and United States.
TAQA HQ media relations:
Sara Abdulla Al Blooshi
Sara.AlBlooshi@taqaglobal.com
Cautionary statements relevant to forward-looking
information:
This news release contains forward-looking statements relating
to Abu Dhabi National Energy PJSC (TAQA) operations that are based
on management's current expectations, estimates and projections
about the petroleum, chemicals and other related industries. Words
or phrases such as "anticipates," "expects," "intends," "plans,"
"targets," "forecasts," "projects," "believes," "seeks,"
"schedules," "estimates," "positions," "pursues," "may, " "could,"
"should," "will," "budgets," "outlook," "trends," "guidance,"
"focus," "on schedule," "on track," "is slated," "goals,"
"objectives," "strategies," "opportunities," and similar
expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
other factors, many of which are beyond the company's control and
are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in such
forward-looking statements. The reader should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this news release. Unless legally required, TAQA
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR SEDSMFFUSEID
(END) Dow Jones Newswires
March 21, 2019 03:06 ET (07:06 GMT)
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