TAQA announces 9m 2017 Financial Results
TAQA announces 9m 2017 Financial Results
Abu Dhabi - Arab Today
Abu Dhabi National Energy Company, TAQA, today announced total revenues of AED12.5 billion for its financial results and operational highlights for the period ended 30th September, 2017, compared to AED12.1 billion for the first nine months of 2016.
Commenting on the results, Saeed Hamad Al Dhaheri, Acting Chief Operating Officer, said, "We’re pleased to see continued strong free cash flow generation as well as improved margins across our portfolio, which has benefited from increased efficiencies across our operations.
"During the period, TAQA achieved 'first oil' at our Atrush development in Iraq, which marks an important milestone for the group. The company has also been able to reduce our financing costs and gradually lower our debt, which will have a positive impact on our financial performance over the coming years," Al Dhaheri concluded.
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