Abu Dhabi National Energy Company (Taqa) net profit jumped 142 per cent to Dh218 million in third quarter this year against Dh90m for the same period last year on higher oil and gas production.
Its quarterly revenues rose 33 per cent to Dh5.2 billion against Dh3.9 billion for the corresponding last year.
Its 9-month profits rose 154 per cent to Dh676 million from Dh266m in the same period last year while 9-month revenues soared 21 per cent to Dh15.11 billion.
Total revenues from power and water increased by 18 per cent to Dh1.9 billion for the quarter.
Abdulla Saif Al-Nuaimi, CEO and MD of Taqa, said: “Once again our results demonstrate our progress against our strategic objectives. TAQA’s global portfolio has yielded a strong financial performance and a continued increase in revenues, which combined with careful management has resulted in another quarterly uplift in net profit. I feel confident that TAQA’s portfolio and footprint will continue to yield positive results to the benefit of our shareholders in the months and years to come.”
During the third quarter, Adwea transferred 90 per cent of their interest in the Fujairah 2 plant to Taqa, giving Taqa a 54 per cent interest in the facility. Due to a delay in the completion of the Fujairah 2 plant, Taqa received net liquidated damages of Dh 311 million, recorded under revenues. Fujairah 2 is now expected to be complete by the end of 2010.
Cost of sales increased from Dh2.8 billion in Q3 2009 to Dh3.3 billion in Q3 2010, reflecting fuel expenses which relate directly to the supplemental fuel income.