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Wed 9 Feb 2011 05:56 PM

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Taqa full-year profit surges to AED937 on new assets

State-owned firm says full-year profit up five-fold on higher commodity prices and asset income

Taqa full-year profit surges to AED937 on new assets
Net income advanced to AED937m ($255m) from AED182m a year earlier, Taqa said

Abu
Dhabi National Energy Co, the state-run utility known as Taqa, said full-year
profit surged five-fold as a result of higher commodity prices and income from
new assets.

Net
income advanced to AED937m ($255m) from AED182m a year earlier, Taqa said today
in a statement distributed in Abu Dhabi, the capital of the UAE.

The
company posted a fourth-quarter profit of AED261m after losing AED84m in the
same quarter of 2009, according to Bloomberg calculations based on preliminary
earnings for the period.

“While
the economic environment remains somewhat challenging, the more positive
commodity pricing environment resulted in a strong final half to the year,” chief
executive officer Abdulla Saif al-Nuaimi said in the statement.

UAE
energy companies such as Taqa and Dana Gas, a Sharjah-based natural-gas producer,
benefited last year from a 28 percent gain in crude oil prices.

Taqa’s
sales in 2010 rose to AED1.35bn from AED16.86bn.

Taqa,
which planned to spend $1.4bn last year on developing assets, owns stakes in
oil and gas production and power generation in the Middle East, North America,
the North Sea and India.

Abu
Dhabi Water and Electricity Authority is Taqa’s majority owner.

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