Abu Dhabi National Energy Company (TAQA) has reported a net profit of $490 million for 2008, up 76% year-on-year. The company grew its total asset base to $23.5 billion, up 25%.
Upstream and midstream activity generated revenues of $2.1 billion (including oil and gas and product storage activities), 47% of total revenues and contributing 46% of net profit.
“Following acquisitions by TAQA North in Canada and TAQA Bratani in the North Sea, 2008 was a year in which we began to execute upon our long-term strategic objective of building a diverse and equally distributed asset base in North America, Europe and the Middle East,” explained Peter Barker-Homek, CEO of TAQA.
“The extension of our footprint brought with it significant new experience as an operator, upon which we continue to build.”
Barker-Homek went on to say that while the group benefited from the high oil price due to expanded upstream operations in the first half of 2008, the strength of TAQA’s midstream and downstream businesses helped to offset the sharp drop in oil prices in the second half of the year.
“We continue to have real confidence in the long-term growth prospects of the company in spite of short term pricing environment fluctuations, but will be prudent in taking on new projects and ensure that we are carefully controlling costs across the business – ultimately protecting profitability.”
TAQA remains well capitalised with no short term funding requirements and significant available liquidity, explained the CEO. “This positions us well to continue to fulfil our long-term growth objectives throughout 2009 and to benefit from the opportunities that the market may present.”
