Taqa profits rise 300 per cent

30 October 2008
Abu Dhabi National Energy Company (Taqa) has reported a 318 per cent rise in net profits for the nine months to 30 September.

Net profits reached AED1.6bn for the first nine months of 2008, up from AED381m for the same period in 2007.

Earnings per share rose to AED0.35 compared with AED0.09 in the previous year.

Profits for the third quarter increased by 448 per cent to AED723m, compared with AED132m in 2007.

Total revenues were AED13.1bn for the first nine months of 2008, a 145 per cent increase on the corresponding period in 2007.

In September, Taqa sold a 20 per cent stake in Shuweihat CMS International Power Company and a 50 per cent stale in Shuweihat O&M Limited Partnership to Japan’s Sumitomo Corporation (MEED 7:10:08).

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