An unfavorable quarter for UAE’s Taqa: The Abu Dhabi National Energy Company (Taqa) reported a 30% decrease in its net income y-o-y to AED 1.6 bn in 3Q, according to an ADX filing (pdf). The energy giant's revenues also dropped 9.8% y-o-y to AED 12.6 bn.

The results fared no better compared to last quarter: Taqa's bottomline dropped 19% q-o-q, down from AED 1.92 bn. The company’s topline also saw a 7% drop from AED 13.7 bn in 2Q.

A lot of changes so far in 2023: The company attributed the drop in its net income this year to lower contributions from the oil and gas sectors on the back of “lower realized oil and gas prices and reduced production,” the filing notes. Oil and gas average production volumes decreased 10% y-t-d compared to the same time period last year due to the shutdown of operations in Iraq and the decline in production of depreciating UK assets, the statement added.