TAQA, leading Abu Dhabi-based National Energy Company has recorded disappointing results for the third-quarter. During the reporting quarter, the company has registered a huge dip of 88% in its profit. In a declaration, government-controlled energy producer said that its net income in the said quarter also plunged to Dh90 million from Dh723 million recorded in previous year. Sales went down to Dh3.9 billion from Dh4.5 billion.

TAQA's third quarter income from oil and gas witnessed a downward trend of 32% to Dh1.4 billion. However, company's revenue from water as well as electricity generation surged 11% to Dh1.62 billion as the company spread out power production capacity. The sources informed that the company is exploring opportunities for raising up to C$750m (Dh2.63bn) in a Canadian bond offering in the first three month period of upcoming year in order to refinance a credit service, as well as will continue to focus on strengthening its portfolio and control costs.

Sources added that the conglomerate also envisages to establish a 700 Mega Watts coal-fired power facility at an energy complex it runs in Morocco.