x Abu Dhabi, UAETuesday 25 July 2017

Taqa net profit more than doubles for third quarter

Taqa's quarterly profit more than doubles as oil and gas revenues surge and a stronger dollar against the rupee provides a foreign exchange gain.

DUBAI // Abu Dhabi National Energy Co, better known as Taqa, said net profit in the third quarter more than doubled on the year as oil and gas revenues surged, while the appreciation of the US dollar against the rupee provided a net foreign exchange gain.

Taqa, in a statement posted on the Abu Dhabi bourse website Tuesday, said net profit attributable to equity holders of the parent amounted to Dh537 million (US$146m), compared with Dh218m a year earlier. Earnings per share in the same period rose to Dh0.09, from Dh0.04.

Total revenue in the three months to September 30 increased to Dh6.17 billion, from Dh5.20bn in the year earlier period. Oil and gas revenue for the period jumped 68 per cent year on year to Dh2.74bn, while revenue from electricity and water sales rose 21 per cent year on year to Dh1.93bn.

Taqa's overall oil production in the third quarter rose slightly by 1.2 per cent to 138,400 barrels a day of oil equivalent, helped by an 8 per cent output increase at its Bratani unit operating in the UK, which produced 43,500 barrels a day of oil equivalent. Output, in oil equivalent terms, was down slightly in North America and the Netherlands, Taqa said.

* Zawya Dow Jones