Taqa’s 3Q revenue flat

Abu Dhabi National Energy Company (Taqa)  posted revenue of 4.17 billion dirhams ($1.13 billion) in the third quarter, almost flat compared to the third quarter of last year when it reported revenues of 4,19 billion dirhams ($1.14 billion.)

The company’s revenue from oil and gas slightly fell to AED 2,46 billion, down from AED 2,48 billion a year ago. The rest of the revenue came from electricity and water, fuel, gas storage, and other operating revenue.

In the third quarter of 2017, the company returned to profit, with a net profit of AED 67 million, compared to a net loss of AED 292 million a year ago.

Worth noting, the company posted a loss attributable to equity holders of the parent of AED 194 million, while profit of non-controlling interests came in at AED 261 million, leading to a net profit of AED 67 million ($18.2 million.)

Third quarter income was impacted by the unscheduled outage at the Sohar Aluminum smelter and negative mark-to-market movements at our US power plant tolling agreement during the period, Taqa said.

The company did not provide production volumes for the quarter, but for the nine months ended September 30.

It said its oil and gas production volumes were 128,300 barrels of oil equivalent per day (boed), down 10% on 9M 2016 (142,200 boed) impacted by natural decline, prior capital expenditure reductions and planned North Sea platform maintenance.

Operating margins per barrel increased in North America and Europe compared to 9M 2016, driven by higher realized prices and sustained cost efficiency, the company said.