Business | Construction
Taqa posts 113% rise in net profit to Dh1b
Abu Dhabi energy firm's revenues cross Dh8b. Revenue from the electricity and water business grew by 49 per cent to Dh4.7 billion from Dh3.2 billion in 2006.
- Staff Report
- Published: 00:41 March 18, 2008
Dubai: Abu Dhabi National Energy Company (Taqa) on Monday reported a 72 per cent jump in revenues to Dh8.3 billion last year, up from Dh4.8 billion in 2006. Profit exceeded Dh1 billion, according to an e-mailed statement.
Revenue from the electricity and water business grew by 49 per cent to Dh4.7 billion from Dh3.2 billion in 2006.
This excludes supplemental fuel sales in both years.
Revenue from the oil and gas businesses accounted for Dh1.4 billion. This figure includes gas storage revenue.
Earnings before interest, tax, debt and amortisation (EBITDA) were Dh5.2 billion, versus EBITDA of Dh3.0 billion and a consistent margin of 62 per cent in both years.
Net profit (after minority interests) grew 113 per cent to Dh1 billion.
Overall growth
Basic earnings per share more than doubled to Dh0.25, versus Dh0.12 for 2006, while total assets grew 31 per cent to Dh68 billion compared to Dh52 billion for 2006.
The UAE energy company's fourth-quarter revenue rose 25 per cent to Dh3 billion compared to Dh2.5 billion in the same period in 2006.
The company's upstream activity generated revenues of Dh1.4 billion (including gas storage), comprising 17 per cent of revenues and 20 per cent of net profit.
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