Abu Dhabi National Energy Co PJSC Annual Financial Report (1750C)

TIDM69TM

RNS Number : 1750C

Abu Dhabi National Energy Co PJSC

06 February 2020

Preliminary Results of Public Joint Shareholder Company

(Final Result Brief for the year ended 31 December 2019)

First - General Information:

   Name of the company:                    Abu Dhabi National Energy Company PJSC (TAQA) 
   Date Establishment:                        21 June 2005 
   Paid up Capital:                               AED 6,066 million 
   Subscribed Capital:                         AED 6,066 million 
   Authorized Capital:                          AED 6,066 million 
   Chairman of the board:                   H.E Saeed Mubarak Al Hajeri 
   Chief Executive Officer:                  Mr. Saeed Hamad Al Dhaheri 
   Name of the external auditor:         Ernst and Young 
   Company Mailing address:             P.O Box 55224,

Abu Dhabi,

United Arab Emirates.

   Tel:                                                   +971 (0)2 691 4900 
   Fax:                                                  +971 (0)2 691 4666 
   Email:                                               ir@taqaglobal.com

Second - Preliminary Results for the year ended 31 December (AED million)

 
 Preliminary Results (AED million)        2019          2018 
                                       (Unaudited)    (Audited) 
 Total Assets                               97,559       99,337 
                                     -------------  ----------- 
 Shareholders' Equity 
  (Attributable to equity holders 
  of the parent)                             4,176        4,325 
                                     -------------  ----------- 
 Revenue                                    17,588       17,740 
                                     -------------  ----------- 
 Gross Profit                                5,740        6,078 
                                     -------------  ----------- 
 Net profit for the year 
  (Attributable to equity holders 
  of the parent)                               234          398 
                                     -------------  ----------- 
 Earnings per share                       AED 0.04     AED 0.07 
  (Attributable to equity holders 
  of the parent) 
                                     -------------  -----------

Summary of the Company's performance for the last fiscal year:

-- Continued strong and stable operational performance throughout the business including oil and gas (O&G) production and power and water (P&W) operations.

-- Revenues for the year have decreased by 1% to AED 17.6 billion in comparison to the prior year. This was mainly driven by a decrease in O&G revenues due to the lower realized oil and gas prices with relatively stable volumes, partially offset by an increase in P&W revenues.

-- Gross profit reduced by 4% compared to prior year mainly due to decreased revenues in addition to an increase in operating expenses within the Group's international power assets due to maintenance expenditure to help sustain future plant availability and performance.

-- Net profit for the year decreased to AED 234 million compared to the prior year profit of AED 398 million. This was mainly impacted by the operational factors mentioned above in addition to unfavorable mark-to-market revaluations on derivatives and reduction in share of results of associates which were partially offset by a reduction in the Group's finance costs due to lower debt balances.

Notes:

-- TAQA's audited consolidated financial statements may be different from the stated preliminary results since they are subject to external audit.

-- TAQA have certain subsidiaries listed in other jurisdictions, which will announce their results at a later date after 6(th) February 2020.

---___________________________

   Saeed Al Dhaheri, Chief Executive Officer                                       Company Stamp

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END

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