Record loss on Oil Asset Write-Off
In 2016, TAQA reported its biggest loss on record. The loss widened to AED19bn in 2016 from AED1.8bn in 2015. 2016 Revenue fell by 17% to AER16.112bn. Including assets in the UAE, United States, Ghana, India, Morocco, Oman and Saudi Arabia, TAQA’s Power & Water portfolio achieved record operational performance in 2016, and generated 93,246 gigawatt hours (GWh), up by 2% on 2015. Taqa’s two-year transformation programme saved AED13.2bn, including a capital expenditure cut of AED8.6bn and a 25% reduction in global headcount or more than 1,000 positions.
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