Taqa achieves strong profitability and operational performance – Gulf Today

Taqa achieves strong profitability and operational performance – Gulf Today

Taqa achieved strong operational performance for the year with increased production levels across its businesses: power, water, oil and gas.. The Group benefited from reduced finance costs (7% lower versus 2018) due to the continued reduction in gross debt and lower accretion charges in Europe due to a revision in the asset retirement obligations in the year.. Taqa continues to deleverage its balance sheet with a reduction in gross debt of Dhs 2.9 billion over the course of 2019 to reach Dhs 63.3 billion at the end of the period.. Taqa's liquidity as at year-end remained strong at Dhs 14.3 billion, including Dhs 2.9 billion in cash and cash equivalents and Dhs 11.5 billion of undrawn credit facilities.. The capex program remains completely self-funded by cash generated from Taqa's operations and is focused on sustaining and developing existing assets in the company businesses..