ABU DHABI: Abu Dhabi National Energy Company (TAQA), the state-owned oil explorer and power supplier, posted a 158-percent jump in first-quarter net profit yesterday as revenue from its oil and gas business soared.
TAQA, 75 percent owned by the government of Abu Dhabi, made a profit of Dh274m ($74.6m) in the three months to March 31, up from Dh106m a year earlier, it said in a statement.
TAQA’s quarterly oil and gas revenue was Dh3.5bn, up from Dh2.2bn in the prior-year period. This helped push overall revenue to Dh7.2bn, up 33 percent year-on-year.
“Our first quarter result was helped by the restoration of North Sea oil production at Cormorant Alpha and higher natural gas prices in North America, but we also demonstrated our ability to increase capital efficiency and control costs,” Stephen Kersley, chief financial officer of TAQA, said in the statement.
“We are well positioned with ample liquidity, and look forward to driving continued improvement in earnings and coverage ratios.”
TAQA has investments around the world, including North Sea oil production facilities and power plants in India, Ghana and Morocco.
In April, Edward LaFehr took over as chief operating officer, heading the firm after CEO Carl Sheldon stepped down after six years in February. Reuters
