Abu Dhabi's TAQA swings to annual profit, helped by higher oil prices | ZAWYA MENA Edition

Abu Dhabi's TAQA swings to annual profit, helped by higher oil prices | ZAWYA MENA Edition:

"Abu Dhabi National Energy Co. (TAQA) said on Thursday it had swung to an annual profit after a loss in 2016 due to an exceptional impairment charge. Acting Chief Operating Officer Saeed Hamad al-Dhaheri said in a statement that the 171 million dirham ($46.56 million) profit was helped by higher hydrocarbon prices and sustained cost efficiencies. TAQA, 75 percent-owned by the government of Abu Dhabi, recorded a net loss of 18.55 billion dirham for the previous year. It did not provide a breakdown of earnings for the 2017 fourth quarter. "



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