Abu Dhabi - Mubasher: Abu Dhabi National Energy Company (Taqa), a leading global energy company based in Abu Dhabi, reported a 5% year-on-year increase in revenue for the first half of 2019, recording AED 9 billion.

The solid performance of the company’s oil and gas business boosted revenue by 11%, supported by higher production volumes from its assets in Europe and Iraq, according to a press release.

Revenues from the power and water business reached AED 5.7 billion during the six-month period ended 30 June 2019, rising by AED 73 million, Taqa said.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for H1-19 remained steady at AED 4.8 billion.

Moreover, the company’s net profit stood at AED 214 million in the first six months of 2019, versus AED 278 million in H1-18.

In H1-19, Taqa’s overall capex grew by 15% year-on-year to AED 957 million backed by the AED 116 million acquisition of an additional 7.5% working stake in the Atrush Block from Marathon Oil Kurdistan B.V. in May.

The company’s entitlement production jumped by 149% year-on-year in H1-19 to 5,728 barrels of oil equivalent per day (boepd).

TAQA’s liquidity stood at AED 12.8 billion as of 30 June 2019, including AED 2.6 billion in cash and cash equivalents and AED 10.2 billion of undrawn credit facilities.

Furthermore, the company maintained progress in cutting its debt the amounted to AED 64.5 billion by AED 1.8 billion, compared to the total debt balance of AED 66.3 billion as of 31 December 2018.

Saeed Mubarak Al Hajeri, chairman of TAQA, said: “Our solid performance in H1 2019 is underpinned by our strong operational performance. The Group’s balance sheet remains healthy, and with stable revenues and a further reduction in debt coupled with strong liquidity we remain on course to meet our long term objectives. The recent ratings affirmation from Moody’s is a testament to the stability of our operational performance.”

In the first quarter of 2019, TAQA had posted a net profit of AED 181 million, compared to AED 304 million in Q1-18.

Total revenue amounted to AED 4.330 billion in Q1-19, versus AED 4.337 billion in the prior-year period.