Abu Dhabi National Energy Co. “TAQA” on Thursday announced more than doubling its profits for the first six months of 2018 and the second quarter of the year.
The energy firm achieved AED 278 million ($75.70 million) in net income between April and June, up 148% year-on-year from AED 35 million ($9.53 million).
The profit pick-up came on the back of an improvement in oil price stability and liquid prices, TAQA revealed in a statement to the Abu Dhabi Securities Exchange (ADX).
Revenues for the six-month period passed AED 8.6 billion, which is “a marginal improvement” from figures achieved in the year-ago period. The revenue rise came on the back of oil price stability and higher liquid prices. However, this was “more than offset the lower volumes as well as increased fuel revenue in Morocco,” according to TAQA.
Consolidated EBITDA for H1-18 was AED 4.8 billion, a slight rise from the AED 4.7 billion achieved in H1-17.
Between January and June, TAQA succeeded in trimming its debt by AED 1.6 billion due to a reduction in interest paid of AED 157 million compared to the same period last year.
As for Q2-18, the Abu Dhabi-listed oil company logged AED 168 million, registering an increase of almost 380% year-on-year from AED 35 million.
TAQA’s quarterly revenues amounted to AED 4.3 billion, demonstrating “benefits of higher oil prices in the quarter more than offsetting declines in hydrocarbon production as well as the lower North American gas price environment relative to Q2-17,” the company explained.
TAQA previously posted a 42% growth in net profit to AED 110 million in Q1-18, while its revenues for the period had increased by 5% to AED 4.3 billion from AED 4.1 billion.