Abu Dhabi National Energy Company, also known as Taqa, swung to a Dh205 million net loss in the second quarter, from a net profit of Dh208m for the same period last year, due to the adverse impact of the pandemic on global energy markets.
Gross revenues fell 28 per cent to Dh3.3 billion for the quarter ending June 30, while realised prices for oil and gas dropped 62 per cent compared with the same period last year, Taqa said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.
Revenue from the company’s utilities business in the UAE remained unchanged, while the international segment was impacted due to lower demand.
"As we look ahead, Taqa's new transmission and distribution businesses will complement its expanded generation business, supporting efficient delivery of power and water to those we serve in Abu Dhabi and beyond,” the company’s new group chief executive Jasim Thabet said.
Taqa finalised a deal with Abu Dhabi Power Corporation last month to create one of the largest utility companies in Europe, the Middle East and Africa with Dh200bn of assets.
More to follow...
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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A list of the animal rescue organisations in the UAE
Company profile: buybackbazaar.com
Name: buybackbazaar.com
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Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
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Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
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Killing of Qassem Suleimani
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
