Business | Oil & Gas
Taqa's profit rises to Dh1b on strategic acquisitions
Abu Dhabi National Energy Company (Taqa) on Thursday reported a 107 per cent increase in profit to Dh1 billion last year, a company statement said. \
- Staff Report
- Published: 00:52 February 1, 2008
Dubai: Abu Dhabi National Energy Company (Taqa) on Thursday reported a 107 per cent increase in profit to Dh1 billion last year, a company statement said.
"Preliminary revenues grew by 65 per cent to Dh8 billion, from Dh4.8 billion in 2006. Total assets grew by 30 per cent to reach Dh68 billion in 2007. The basic earnings per share doubled from 12 fils to 24 fils," the statement said.
During 2007, Taqa made strategic acquisitions that have transformed it into a global energy company comprised of quality energy assets built on the stability of its domestic subsidiaries. Today, Taqa operates in nine countries, and employs 2,300 people who come from 38 different nations. Taqa prides itself on being a meritocracy.
"2007 was an eventful year for Taqa. In January, the company announced its agreement to purchase Talisman's Brae assets. This purchase was completed on December 31. On January 31, Taqa completed its acquisition of BP Netherland's gas exploration and production (assets. Both deals position Taqa at the heart of the North Sea Oil basin."
At its meeting in April 2007, Taqa declared a dividend of Dh207.5 million to its shareholders.
During the second quarter, the company completed its acquisition of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy as well as the acquisition of ownership interests held by ABB in Morocco and India, providing Taqa with a portfolio of quality assets in Morocco, Saudi Arabia, Ghana, UAE and India for an aggregate consideration of $ 1.4 billion.
In August, Taqa acquired from Pogo 100 per cent of Northrock Resources, a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin for a total purchase price of $2 billion.
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