Abu Dhabi National Energy Company (Taqa) has reported a 154 per cent increase in second quarter profits, reflecting gains from its acquisitions and the impact of higher oil and gas prices.
The company made a net profit of AED471m ($128.2m) during the quarter, compared with AED186m for the same period last year. Basic earnings per share grew to AED0.11 from AED0.04 this time last year.
Total revenue increased by 155 per cent to AED4.6bn compared with AED1.8bn the previous year. Revenue from Taqa’s oil and gas activities was AED2.3bn, up from AED77m. The rise reflects the acquisition of upstream assets in North America and Europe.
Revenues from the company’s power and water business rose to AED 1.4bn from AED1.2bn.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
