Mar 21, 2019 / 11:30AM GMT
Operator
Ladies and gentlemen, welcome to TAQA Full Year Financial Results 2018 Conference Call and Webcast.
I now hand over to your host, Mr. Mohammed Al Ahbabi, Chief Financial Officer. Sir, please go ahead.
Mohammed Al Ahbabi - Abu Dhabi National Energy Company PJSC - Acting CFO
(foreign language) A warm welcome to all of you. Thank you for joining us on this call.
I'm pleased to report another profitable year for TAQA, with AED 398 million in net income, an increase of 149% year-on-year. Our liquidity continues to be strong, amounting to AED 13.1 billion at 31st of December 2018. TAQA targeted effort to future improve its leverage ratio yielded visible results, with total debt reduction by AED 4 billion in 2018. Total revenues increased by 6% to AED 17.7 billion for full year 2018, mainly driven by higher oil and liquid prices.
Our operational performance in the Power & Water business continued to be stable. However, these -- there was slight fall in Oil & Gas production from our European operation as a result of natural decline
Q4 2018 Abu Dhabi National Energy Company PJSC Earnings Call Transcript
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