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Thu 7 Aug 2008 09:23 AM

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TAQA profit surges 154% in Q2

Abu Dhabi energy firm earnings touch $128.2mn, boosted by acquisitions and record oil prices.

Abu Dhabi National Energy Co (TAQA) saw profit jump 154 percent in the second quarter, boosted by its newly-acquired overseas operations and record oil prices, the company said on Thursday.

TAQA said Q2 net income increased to 471 million dirhams ($128.2 million), or 11 fils-per-share, compared to 186 million dirhams during the same period last year.

Total revenue grew by 155 percent year-on-year to 4.6 billion dirhams, with revenue from oil and gas activities surging to 2.3 billion dirhams, compared with 77 million dirhams in the year-earlier period.

TAQA said the jump in oil and gas revenues reflected the acquisition of upstream assets in North America and Europe since the second quarter of 2007, in addition to soaring oil and gas prices.

Revenues from the company's electricity and water business increased slightly to 1.4 billion dirhams, compared with 1.2 billion dirhams the second quarter of 2007.

“These results show the significant change in the nature of our business compared to just 12 months ago," TAQA CEO Peter Barker-Homek said in a statement.

"While our domestic power generation and water desalination assets have continued to deliver solid performance, we are now seeing the full impact of the acquisitions made in the past year on TAQA’s results. High oil and gas prices have also boosted growth in revenue and profits."

TAQA said net income for the first half of the year climbed 249 percent to 869 million dirhams, or 21 fils-per-share, compared with 249 million dirhams, or 6 fils-per-share, for the same period in 2007.

Total revenues grew by 202 percent to 8.6 billion dirhams, compared with 2.8 billion dirhams for the same period in 2007.