Abu Dhabi’s partially privatized energy firm Taqa is bouncing back after a period of net losses from 2013 onwards forced the company to rethink its finances. In 2018 Taqa reported a net profit of AD398mn ($108mn), an increase of 145% from the $44mn reported in 2017.
This return to profit came after a four-year period of net losses which cumulated in a 2015 deficit of AD19bn ($5.17bn). The collapse of oil prices in 2014 forced Taqa into a ‘transformation program’ in which it slashed capital expenditure and targeted debt reduction (MEES, 17 November 2017). (CONTINUED - 847 WORDS)