Cutting CAPEX on plunging 2015 oil revenue
Despite strong production volumes, the halving of market commodity prices in 2015, reduced TAQA’s revenues to AED19.3bn compared to AED27.3bn for the full year 2014 (-29.3%). It posted a net loss of AED1.8bn for 2015 as a whole compared with a loss of AED3.01bn in 2014. TAQA will not pay dividends for 2015, the third successive year in which the company has not paid anything to shareholders.
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