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Abu Dhabi: The Abu Dhabi National Energy Company (Taqa) said yesterday its second quarter net profit rose a whopping 154 per cent on year to Dh471 million on the back of higher global oil and natural gas prices as well as profits accruing from acquisitions.
In a filing to the Abu Dhabi Securities Exchange (ADX) where it's listed, Taqa said during the first six months of the current fiscal year, its financial costs increased to Dh1.9 billion from Dh1.2 billion to fund acquisitions.
The company reiterated that it plans more acquisitions as part of its growth strategy and is aiming for greater investments by 2012.
"We aim to attract $60 billion of investments by 2012, which means growth of 25 per cent each year," Taqa's CEO Peter Barker-Homek said in a conference call.
Taqa's earnings-per-share grew by 154 per cent to 11 fils in the second quarter, compared with 4 fils for the same period in 2007. Total revenue for April-June rose 155 per cent on the year to Dh4.6 billion.
The company said while the combined production of its petroleum assets averaged 119,200 barrels per day of oil equivalent during April-June, its average price realised for the total production in North America and Europe in the same period was $113.82 a barrel.
Taqa's total revenue in the January-June period rose 202 per cent on year to Dh8.6 billion. Its net profit in the first half rose 249 per cent on-year to Dh869 million.
"Revenue from oil and gas activities was Dh4.2 billion, compared with Dh153 million for the same period in 2007, Taqa said. "This increase reflects the acquisition of upstream assets in North America and Europe since the second quarter of 2007. High average oil and gas prices experienced during the period have also been a contributing factor," it added.
Revenue from electricity and water business for the fiscal first half rose 24 per cent to Dh2.6 billion, while revenue from gas storage for the same period was Dh302 million.
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