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TAQA turns to losses in Q1-20

TAQA turns to losses in Q1-20
The company's EBITDA retreated by 18%
5.16% 1.00 0.05

Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) saw an AED 1.729 billion net loss attributable to the shareholders during the first quarter (Q1) of 2020, versus AED 6 million net profits in the year-ago period.

The company's gross revenues reached AED 3.961 billion in Q1-20, down 9% from AED 4.499 billion in the same quarter of 2019, as shown by the company's unaudited interim consolidated financial results for the period ended on 31 March 2020.

The decrease in revenues was driven by a 21% drop in the prices of oil and gas sold by TAQA for the same period of the previous year.

Meanwhile, the company's earnings before interest, tax, depreciation, and amortisation (EBITDA) retreated by 18% to AED 1.9 billion during the first three months of 2020, compared to AED 2.147 billion in the corresponding period in 2019.

The basic and diluted loss per share stands at AED 0.285 in the Q1 of 2020, against earnings per share (EPS) of AED 0.001 in the same quarter of 2019.

Commenting on the company's performance in the Q1-2020, TAQA CEO, Saeed Al Dhaheri, said: "Nonetheless, the advent of the COVID-19 pandemic has weakened demand across multiple sectors globally, impacting our results for the quarter, as for many others with exposure to the oil and gas sector."

At the same time, the company logged accumulated losses of AED 3.366 billion, representing 55.49% of the capital, due to the challenging commodity price environment from 2014 to 2016 and in Q1-20.

It is noteworthy to mention that in 2019, the company's net profits shrank to AED 234 million, compared to AED 398 million in 2018.