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Wed 11 Nov 2009 09:01 AM

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TAQA posts 88% slump in Q3 net profit

UPDATE 2: Vice chairman says new committee has been set up to oversee strategy.

Abu Dhabi National Energy Company (TAQA)

on Wednesday posted a 88 percent slump in third quarter net profit, compared to the same period in 2008.

Net profit, after minority interests, for the third quarter was AED90 million, compared to AED723 million in Q3 2008, the company said in a statement on the Abu Dhabi Securities Exchange website.

Total revenue for the quarter reached AED3.9 billion compared with AED4.5 billion for the same period in 2008, a decrease of 14 percent, the company added.

Revenue from the electricity and water business, excluding supplemental fuel, increased 11 percent to AED1.6 billion,  while revenue from oil and gas activities (including gas storage and other revenue) declined 33 percent to AED1.5 billion, driven by the decline in realised prices.

Ahmed Saif Al-Darmaki, vice chairman, said: "As we enter a new phase in

’s development, we need a management structure to deliver further integration across the business and ensure full engagement between the Board and the executive management team.

"We have therefore decided to create an Executive Committee to oversee the company’s strategy."

He added: "I have great confidence that

’s management team will continue to work diligently to deliver strong results to our stakeholders as we enter a new and exciting phase of development."

Peter Barker-Homek stepped down as CEO of the company last month, to be replaced by Carl Sheldon who will lead the day to day operations of the company in a new role as general manager.

Sheldon added: “The value of our diversified business model has been amply demonstrated through the stable cash flows generated by our downstream assets, which have offset the greater volatility of our upstream business."

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