A 43% drop in TAQA’s oil and gas business forced the group’s revenue down by 24%, dropping to AED 3.9billion.
In its latest financial update, the firm revealed it had made a AED 1billion in savings.
Chief executive Edward LaFehr said: “We continue to execute our strategy to meet the challenges of the low commodity price environment. Our cost transformation program continued to deliver outstanding results in the first quarter with savings of AED 1 billion while delivering one of our best operational performances in our history.
“Record power generation volumes and robust oil and gas production coupled with sustainable cost savings have boosted free cash flow by 83%. This is helping us maintain our healthy liquidity position of AED 12.2billion.”
At the end of the quarter, the firm’s available liquidity stood at AED 12.2billion, including AED 8.7billion of unused credit facilities and AED 3.5billion of cash and cash equivalents.