We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 13 Aug 2014 12:00 PM

Font Size

- Aa +

Shares in Abu Dhabi's TAQA jump after firm swings to Q2 profit

Oil explorer announced it was pulling out of some overseas acquisition plans to improve cash flow

Shares in Abu Dhabi's TAQA jump after firm swings to Q2 profit

Shares in Abu Dhabi National Energy Co (TAQA) surged in early trade on Wednesday after the state-run firm swung to a second-quarter net profit and announced it was pulling out of some overseas acquisition plans to improve cash flow.

The oil explorer and power supplier's shares were up 4.6 percent at 0607 GMT, trimming their year-to-date decline to 24.5 percent.

Abu Dhabi's stock index slipped 0.02 percent to 4,987 points, but is up 16.2 percent in 2014.

TAQA made a net profit of AED239 million ($65.1 million) for the quarter ended June 30 compared with a loss of AED172 million a year earlier.

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.