- 31 Oct 2007
TAQA Q3 2007 Financial Results
Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today reported strong financial results for the third quarter of the year ending 30 September 2007.Key highlights of the results for Q3 2007:Key highlights of the results for the first nine months of 2007:1 Earnings before interest, tax, depreciation and amortisationAcquisitions during the period:The Canadian market has been the key focus of the Company’s expansion plans for the quarter.nbsp; The focus has been on long-life, stable assets in the form of Canada’s oil and gas sector. Once closed, these transactions will make TAQA one of the top 14 oil and gas producers in Canada:Comment:Peter Barker-Homek, Chief Executive Officer of TAQA, said:
“Our business is changing significantly and our investment view is now a global one.nbsp; A year ago, TAQA’s revenues were primarily derived from water and power generation in the UAE.nbsp; Today, we are also reporting substantial growth in oil and gas revenues further to our expansion into the Netherlands and Canada.nbsp; This financial and operational diversification across the value chain is key to our five year strategy of becoming a major global energy company.“TAQA does have an appetite for acquisitions and scale is important to us, however, as today’s results demonstrate, this is being balanced with strong organic growth from our existing portfolio.”“The operational and financial growth we have experienced during the third quarter of 2007, underpinned by assets with strong cash flows, is also testament to the strength of the management team we now have in place.nbsp; Acquisitions are being integrated successfully, with no real business disruption.”TAQA North Ltd (formerly Northrock Resources Limited) is a Calgary-based oil and gas exploration company with operations in Northern Alberta and British Columbia; West Central and Southern Alberta; Southwest Saskatchewan; Southeast Saskatchewan; and the Northwest Territories. TAQA North was acquired by TAQA in August 2007 from Pogo Producing Company for a total purchase price of US$2 billion.