ABU DHABI: Abu Dhabi National Energy Company (TAQA) on Thursday announced its preliminary financial results and operational highlights for the full financial year, ending December 31, 2017.

In a statement, the company said that total revenues stood at Dhs16.7 billion, an increase of 3 per cent on 2016 (2016: Dhs16.1 billion) primarily driven by higher commodity prices that benefitted the oil and gas business, while the power and water business remained steady.

EBITDA of Dhs9.5 billion, up 11 per cent on 2016 (2016: Dhs8.5 billion) supported by higher revenues and sustained cash cost savings.

TAQA turned to net profit in 2017. Profit attributable to equity holders of Dhs171 million compared to a 2016 loss of Dhs19.0 billion, because of the exceptional impairment charge of Dhs22.0 billion in the previous year.

Commenting on the results, Saeed Hamad Al Dhaheri, Acting Chief Operating Officer, said, “TAQA has come through an extremely tough market environment, with the company’s preliminary financial results reflecting the company’s resilience. Turning to a net profit in 2017 is therefore an impressive and notable achievement.”

WAM