Taqa profit jumps 172pc to $58m
Abu Dhabi, October 31, 2007
The Abu Dhabi National Energy Company (Taqa) reported a net profit of Dh215.7 million ($58.74 million) for the third quarter of this year.
The figure was an increase of 172 per cent compared to the Dh79.4 million profit achieved in the same period in 2006.
The company’s total revenues reached Dh2.45 billion compared with Dh874.9 million for the same period in 2006, an increase of 181 per cent.
Revenue from the electricity and water business grew 35 per cent to Dh1.2 billion, from Dh874 million. This does not include supplemental fuel sales to allow for a like-for-like comparison.
Revenue from oil and gas accounted for Dh334 million (there is no comparable like-for-like figure in 2006). This figure includes gas storage revenue.
Finance costs increased from Dh296 million to Dh644 million, to fund acquisitions, the statement said.
Basic earnings-per-share rose 50 per cent to Dh0.03 for the quarter.
Revenue for the first nine months of this year was Dh5.3 billion, an increase of 123 per cent from Dh2.4 billion in the same period in 2006.
Net profit for nine months grew 56 per cent to Dh587 million compared to Dh375 million in the same period for 2006.
Total assets grew 86.2 per cent to Dh60.9 billion compared to Dh32.7 billion in the same period for 2006. – TradeArabia News Service