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TAQA sees AED 1.93bn net loss in H1-20

TAQA sees AED 1.93bn net loss in H1-20
The group's total revenues reached AED 7.3bn
TAQA
TAQA
-9.91% 3.00 -0.33

Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) registered net losses attributable to equity holders of the parent company of AED 1.93 billion in the January-June period of 2020, against net profits of AED 214 million in the same period of 2019.

The net losses are driven by AED 1.5 billion impairment charges paid during the first quarter (Q1) of 2020 amid the OPEC+ agreement to cut oil output and a decrease in oil demands.

The group's total revenues reached AED 7.3 billion in the first six months of 2020, down 19% from the corresponding period of 2019.

The revenues for TAQA’s contracted power and water generation business in the UAE remained unchanged when compared to the same period in 2019, but within the international power business, the revenue and costs dropped due to lower demands.

The earnings before interest, tax, depreciation, and amortization (EBITDA) decreased by 23% to AED 3.7 billion in H1-20, when compared to 2019.

The basic and diluted losses per share stood at AED 0.319 in H1-20, against earnings per share (EPS) of AED 0.035 in H1-19.

In the second quarter (Q2), the net losses attributable to TAQA’s shareholders recorded AED 205 million in the first six months of 2020, against AED 208 million net profits for the prior-year period. 

TAQA’s newly appointed Group CEO and Managing Director, Jasim Husain Thabet, commented: "TAQA will continue to play a leading role in the UAE’s energy market, with a range of large-scale projects in development, including the world’s largest solar photovoltaic plant, the world’s largest seawater reverse osmosis plant, and the UAE’s largest gas-fired independent power project."

It is noteworthy to mention that during the first quarter (Q1) of 2020, TAQA saw AED 1.729 billion net losses, versus AED 6 million net profits in the year-ago period.