UAE - Mubasher: The profits of three UAE-listed energy companies surged 64% year-on-year in 2019, supported by higher production and sale value, along with lower costs.

The three companies' net profits soared to AED 3.03 billion last year, compared to AED 1.85 billion in the year-ago period.

Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) topped the Emirati energy companies in terms of profits.

ADNOC Distribution recorded a 4.2% rise in net profits to AED 2.218 billion in 2019 from AED 2.128 billion in 2018.

Dana Gas came second, as the Abu Dhabi-listed company logged a net profit of $157 million (AED 575 million) for the full year ended 31 December 2019, against a loss worth $186 million (AED 682 million) in 2018.

Abu Dhabi National Energy Company’s (TAQA) net profit attributable to the parent company’s shareholders shrank to AED 234 million last year, compared to AED 398 million in 2018.

As for revenue, the three energy companies’ revenue dropped to AED 40.6 billion in 2019, against AED 42.35 billion the year before.