|
Abu Dhabi: Gulf Arab utility Taqa, which has agreed on about $10 billion of buyouts in the last year, said third-quarter profit more than doubled after adding petroleum revenue from Canadian and Dutch acquisitions.
State-controlled Taqa, or Abu Dhabi National Energy, bought Canada's North-rock Resources for $2 billion in August, adding Dh44.1 million ($12.01 million) to its profit in the three months to September 30, it said yesterday in a statement.
Taqa also bought BP's Dutch gas operations in February. Abu Dhabi is the world's sixth-largest oil exporter.
"A year ago, Taqa's revenues were primarily derived from water and power generation in the UAE," Taqa chief executive Peter Barker-Homek said in the statement.
"Today, we are also reporting substantial growth in oil and gas revenues further to our expansion into the Netherlands and Canada."
Net income
Net income surged 114 per cent to Dh131.9 million, or Dh0.03 per share, compared with Dh61.35 million, or Dh0.02 per share, in the year-earlier period, the company said. That does not include minority interests.
Revenue from crude oil and gas was Dh308.4 million, compared with nothing in the year-earlier period, it said.
Revenue from the sale of water and electricity rose 35 per cent to Dh1.18 billion, in part because of its $900 million acquisition in February of the Middle East, North Africa and India operations of US utility CMS Energy, said a Taqa official, who did not want to be identified.
Domestic demand for water and electricity also rose, said the official, as the Abu Dhabi economy grew on record oil prices, and businesses and the population expanded.
Taqa also generated Dh937.5 million from the sale of "supplemental fuel" and from other sources, it said.
Taqa operates six power generation and water desalination plants in the UAE.
Fuel expenses were Dh753.5 million, compared with nothing in the year-earlier period, Taqa said.
|
