TAQA annual loss decreases

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12 April 2016, Oil, Gas

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Revenues for the year ended December 31, 2015 were AED19.34 billion, compared to AED27.32 billion for the year ended December 31, 2014.

Gross profit for the year ended December 31, 2015 was AED2.83 billion, compared to AED4 billion for the year ended December 31, 2014.

Loss before tax for the year ended December 31, 2015 was AED2.41 billion, compared to a loss before tax of AED1.69 billion for the year ended December 31, 2014.

Edward LaFehr, COO, said: "During 2015 we focused on maintaining and extending our strong financial liquidity position. In August we announced the refinancing of our revolving credit facilities at extremely attractive pricing. We also reduced our capital investment and cash costs by 52% and 21%, respectively, compared to 2014. This yielded an AED 5.0 billion cost structure improvement to significantly offset the lower oil and gas price impact. We also achieved record high production for our power and water business. Our oil and gas production of 145,300 barrels of oil equivalent per day represents a modest 8.6% decline. We exceeded all of our internal targets while shifting to a leaner and more efficient organization worldwide, with significant revisions to our operating model. We believe that our business transformation continues to build momentum and has positioned us well to deliver benefits and take advantage of markets as prices recover."

Source: MarketLine

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