Oil price fall hits Abu Dhabi’s Taqa Q1 revenue – ZAWYA

Oil price fall hits Abu Dhabi’s Taqa Q1 revenue – ZAWYA

Oil price fall hits Abu Dhabi's Taqa Q1 revenue | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOil price fall hits Abu Dhabi's Taqa Q1 revenue The advent of the Covid-19 pandemic has weakened oil demand across multiple sectors globally    Image used for illustrative purpose. TAQA's core investments drive nine month 2019 profits.Abu Dhabi National Energy Company (Taqa) reported on Monday a nine per cent drop in first-quarter earnings to Dh4 billion due to a sharp fall in oil prices.In a statement, the company said that the decline in revenues from Dh4.3 billion in the same 2019 period was the result of a 21 per cent drop in the price of oil and gas. Ebitda fell 18 per cent to Dh1.9 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 company reduced its 2020 and 2021 oil price assumptions, requiring a write down of the group's carrying amounts of certain oil-specific assets with a post-tax, bottom-line impact of Dh1.5 billion," said the Abu Dhabi-based energy firm.In a statement, the company said that the decline in revenues