Business

Abu Dhabi's Taqa sees first-quarter revenue drop to Dh4b

Abu Dhabi's Taqa sees first-quarter revenue drop to Dh4b

Dubai: Abu Dhabi National Energy Co. – or Taqa – saw group revenues decline 9 per cent to Dh4 billion for the first three months of 2020, brought on by a 21 per cent in the price of oil and gas sold by it.

The group has now “reduced” its 2020 and 2021 oil price projections, which in turn has led to a write-down of “certain oil-specific assets with a post-tax bottom-line impact of Dh1.5 billion”, the energy major said in a statement.

More to follow...