Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) on Thursday reported achieving AED 431 million ($117.36 million) net profits from January to September this year.

TAQA attributed posting high income to an improvement in prices of liquids and oil, in addition profits from the firm’s US power assets, according to a statement.

The Emirati energy company generated an 8% rise in revenues, reaching AED 13.5 billion, while free cash flow rose 1% to AED 5.6 billion, and total value of liquidity hit AED 13.2 billion.

TAQA trimmed debts by AED 3.7 billion, and it also reduced interest paid by AED 231 million.

“The company is now well positioned to implement our strategy for growth, which will combine attaining optimal returns from our oil and gas business, while maximising efficiency at current power and water assets and pursuing new opportunities in the utilities sector,” Saeed Mubarak Al Hajeri, the chairman commented.

TAQA stated that it turned to profits after logging AED 153 million during the third quarter of 2018, against suffering AED 194 million net losses in Q3-17.

“Our aim is to ensure that our assets in both the oil and gas business, and the power and water business continue to experience improving operational and financial performance in the coming years,” TAQA’s acting COO Saeed Hamad Al Dhaheri noted.