Abu Dhabi – Mubasher: Abu Dhabi National Energy (Taqa) on Thursday posted a 149% year-on-year hike in its profits for the full-year ended 31 December 2018.
Net profits recorded AED 398 million in 2018, compared to AED 160 million in 2017, according to a filing to the Abu Dhabi Securities Exchange (ADX).
Similarly, revenues grew 6% year-on-year to AED 17.7 billion last year, while earnings before interest, tax, depreciation, and amortisation (EBITDA) went up 6% to AED 9.7 billion, mainly driven by an increase in oil and liquid prices in the same period.
“Free cash-flow generation remained strong at AED 7.1 billion despite higher capital expenditures, which increased from AED 1.3 billion in 2017 to AED 1.7 billion in 2018,” the statement added.
Taqa’s capex was completely self-funded by cash generated from the company's operations and was focused on sustaining and developing its power and water; oil and gas assets, positioning the company to leverage future growth opportunities.
Moreover, Taqa reduced its total debt by AED 4 billion and slashed interest paid by AED 163 million in the full-year 2018.
“The robust financial performance has resulted in improved leverage ratios where Net Debt-to-EBITDA multiple improved to 6.5 from 7.3 the year before,” the company said.
