TAQA first quarter profit jumps by 158%
Abu Dhabi National Energy Co sees earnings soar as power output grows.
Abu Dhabi National Energy Company (TAQA) has made a strong start to the year booking a 158% jump in first quarter earnings aided by the expansion of its portfolio of international power stations.
The company made a profit of AED 274 mn ($74.6 mn) in the three months to March 31, up from AED 106 mn a year earlier while revenue rose by 34% to AED 7.3 bn, it said on Wednesday.
Global power output improved year on year to 13,482 GWh during the period and underlying revenue increased by 6% to AED 2bn.
“The international fleet in particular performed well, with technical availability returning to normal levels after a series of outages in the comparable period last year,” TAQA said in a statement.
“There was slightly lower technical availability in the domestic market following forced outages at the Fujairah 1 and 2 and Umm Al Nar power stations.”
TAQA commissioned the first of two new 350 MW units at the Jorf Lasfar power station in Morocco in April and expects to bring the second unit online in June which will expand the facility’s output to 2,056 MW.
The expansion of the Takoradi 2 power station in Ghana is now 85% complete, it said.
In March, the company announced the acquisition of a 51% stake in two hydroelectric power plants in the northern Indian state of Himachal Pradesh with a combined capacity of 1,391 MW.