- 30 Oct 2008
TAQA announces its Q3 financial results
Click here for Arabic versionFinancial Results for the period ended 30 September 2008TAQA’s nine month profit increases 318%, approaching AED 1.6 billion
Basic earnings per share of 35 fils for the first nine months of the year
Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the period ended 30 September 2008.Key highlights for the nine months ended 30 September 2008:Key highlights of the results for the third quarter of 2008:Upstream and midstream.DownstreamHigh seasonal demand in the third quarter and new capacity coming on-stream at the Taweelah B power plant increased revenues in the downstream business to AED 2.3 billion in the third quarter, comprising 52% of total revenue.
TAQA’s downstream business now has global generation capacity (gross) of 10,514 Mw. During the third quarter of 2008, total power production was 13,602 Gwh, made up of 9,904 Gwh in the domestic market and 3,698 Gwh internationally..CommentPeter Barker-Homek, Chief Executive Officer of TAQA, said:1 Earnings before interest, tax, depreciation and amortisation
“The past quarter has seen TAQA consolidating its position across its core target markets, while continuing to monitor global opportunities for further acquisitions. Today’s results are testament to the benefits of our diversification strategy. While revenues during the third quarter derived from oil and gas were dampened by lower average commodity prices, the growing strength of our midstream and downstream portfolio has acted to mitigate this. The positive impact of the acquisitions we have made is directly visible in our bottom line.
As I look forward into 2009, we are well financed. Equipped with extensive available credit facilities, we do not have any short term refinancing needs. As a result, our strategic plan remains unaffected by recent events in financial markets and we continue to build a strong operational track record of which I am immensely proud.
Our team continues to drive the integration of the assets we have acquired, delivering high performance and maintaining our commitment to the highest standards of health and safety and environmental stewardship. This operational excellence will continue to play a crucial part in our ability to deliver sustainable business growth that takes into account all risk factors.”Corporate activity during the third quarter 2008 On 7 July 2008 TAQA announced that TAQA Bratani had signed a Sale and Purchase Agreement with Shell U.K. Limited and Esso Exploration and Production (UK) Limited (‘the Vendors’) to purchase the equity pertaining to operating licenses for six offshore fields.In September, TAQA agreed to purchase EnCore Oil Nederland B.V., a wholly owned subsidiary of EnCore Oil plc, whose only asset is a 10% interest in the Amstel field offshore the Netherlands, for US$ 5.5 million in cash on completion. Following completion of the transaction, EnCore Oil Nederland B.V. will be integrated into TAQA Energy B.V.On 26 September TAQA completed the sale of a 20% interest in Shuweihat CMS International Power Company (SCIPCO) and a 50% interest in Shuweihat O&M Limited Partnership (“SOMLP”) to Sumitomo Corporation. TAQA retains a 54% interest in SCIPCO.Note on comparative dataSince the beginning of 2007, TAQA has completed a number of acquisitions which have been fully or partially consolidated into the period under review. The effect of these acquisitions should be considered when making year-on-year comparisons.In the second quarter of 2007, TAQA completed the acquisition of CMS Generation, contributing two months of revenue to that quarter. In subsequent months TAQA acquired Northrock Resources and Pioneer Canada, significantly increasing the company’s upstream assets. The largest company acquisition to date, PrimeWest, was completed on 16 January 2008.- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL