Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) reported a 41.2% year-on-year drop in its net profits during 2019, the company’s unaudited financial results showed.

TAQA’s net profits attributable to the parent company’s shareholders shrank to AED 234 million last year, compared to AED 398 million in 2018, according to a statement to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

In the meantime, the company’s revenues slid to AED 17.58 billion in the 12-month period ended 31 December 2019 from AED 17.74 billion in the prior year.

It is noteworthy that during the first nine months of 2019, TAQA’s net profits plummeted by 54% year-on-year to AED 198 million.