TAQA records remarkable profit growth in Q1
Posted on May 1, 2008 – 11:00 am | by vchris
The Abu Dhabi National Energy Company TAQA yesterday reported financial results for the first quarter 2008.
Since first quarter 2007 TAQA has made a number of acquisitions which have been fully or partially consolidated into the period under review. Following Q1′07, TAQA acquired CMS Generation, providing additional breadth to the company’s downstream activities, while the acquisition of Northrock Resources and Pioneer Canada significantly increased TAQA’s upstream assets. The largest company acquisition to date, PrimeWest, which was completed on 16 January 2008, is included in the company’s financial results, herewith, for the first time. The effect of these acquisitions should be considered when making year-on-year comparisons.
Total revenue grew 279pc approaching Dh4.0 billion compared with Dh1.0 billion for the same period in 2007. Revenue from the electricity and water business grew by 38% to Dh1.2 billion, from Dh0.9 billion for the same period in 2007. This does not include supplemental fuel sales. Revenue from oil and gas activities accounted for Dh1.9 billion compared to Dh76 million for the same period of 2007. As at Q1′07, just two months of revenue from the assets acquired from BP Netherlands were included. The increase in Q1′08 was largely due to the acquisition of the TAQA North assets made since Q1′07.
High average oil and gas prices experienced during the period have also been a contributing factor. Revenues derived from gas storage grew to Dh216 million compared with Dh72 million for the same period of 2007. This includes a full quarter of revenue from TAQA Energy as well as gas storage revenue from East Cantaur in TAQA North.
A statement from TAQA said that net profit (after minority interests) for the quarter grew 525pc to Dh398 million compared to Dh64 million in the same quarter in 2007. The increase is due to the acquisitions made since Q1′07, as well as the impact of high oil and gas prices experienced in Q1′08. During 2007, TAQA made strategic acquisitions that have transformed it into a global energy company comprised of quality energy assets. Today, TAQA operates in nine countries, and employs 2,800 people who come from 38 different nations.
Source– Emirates News Agency, WAM
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