Taqa’s revenue drops 9% in first quarter – GulfToday – Gulf Today

SourceGulf Today
SectorFinancial Markets

Taqa’s revenue drops 9% in first quarter 5 hours ago This photo is used for illustrative purpose. Taqa, the Abu Dhabi National Energy Company on Monday announced that its earnings for the first quarter of 2020 has seen revenues decline 9 per cent to Dhs4 billion, reflecting a 21 per cent drop in the price of oil and gas sold by the company on the same period last year. In a statement, Taqa, also known as ‘the Group’, said that EBITDA also fell 18 per cent to Dhs1.9 billion, reflecting weaker revenues as well as higher operating expenses within the Oil and Gas business. “As a result of the significant and prolonged effects on oil demand due to COVID-19, and in line with peers, the Group reduced its 2020 and 2021 oil price assumptions,...read more...

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