Abu Dhabi-based energy holding company Taqa reported increase in revenue by 5 percent in the first half of 2019 when compared to the revenue over the same period in 2018.

The Abu Dhabi stock exchange-listed Taqa’s revenue reached $2.5 billion or Dh9 billion in the first half of 2019.

However, Taqa’s net profit fell by 23 percent in the first half of 2019. The net profit fell from $75.7 million in the first half of 2018 to $58 million over the same period in 2019.

The company also reported an increase in the production volumes at its assets in Europe and Iraq, which has brought 11 percent growth in its revenue in the oil and gas sector. The business in the sector has risen by 3 percent in the first half of 2019.

The revenue increase in oil and gas business was attributed to the latest acquisition of 7.5 percent stake in the Atrush block in May 2019. The revenue from power and water business increased by $19.9 million and reached $1.6 billion.

Saeed Mubarak Al Hajeri, the chairman of Taqa, stated that the increase in Taqa’s revenue in the first half of 2019 can be attributed to its strong operational performance.

The Chairman added, “The group’s balance sheet remains healthy and with stable revenues and a further reduction in debt coupled with strong liquidity we remain on course to meet our long term objective.”

The majority stake in Taqa belongs to Abu Dhabi Power Corporation. The company is present in 11 countries.