Surge in Q1 earnings due to recovery in
The company announced on Wednesday that total revenues had risen 34 per cent to Dh7.3 billion in the period. Underlying revenues, excluding passed-through costs, were up 39 per cent to Dh5.9 billion. Chief operating officer
Hydrocarbon production in the
In addition to greater capital efficiency, the company's efforts to reduce costs yielded results as unit operating costs fell by 12 per cent.
Global power production saw an improvement year on year, with 13,482 GWh generated during the period and underlying revenue up six per cent at Dh2 billion.
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. There was a slightly lower technical availability in the domestic market following forced outages at the
Available liquidity stood at Dh14.9 billion, including Dh4.2 billion of cash on hand.
Growth projects showed significant progress, with the first of two new 350 MW units at the Jorf Lasfar power station in
The energy giant also made good progress with the expansion of the
In March, the company announced the acquisition of a 51 per cent stake in two hydroelectric plants in the northern Indian
Gas Storage Bergermeer in
TAQA has sold all of the facility's long-term capacity and plans to auction the remaining short-term capacity in
Meanwhile, the company's Atrush field development plan is proceeding on schedule in the
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