Abu Dhabi National Energy Company (TAQA), a listed company on the Abu Dhabi securities exchange, today reported financial results for the first quarter of 2009.
Bucking global trends once again, Abu Dhabi’s TAQA has revealed that Q1 revenues and net profits are up 5% on last year, thanks to a strong performance in oil and gas production and a 14% increase in revenue from its electricity and water interests.
The company announced total revenues of $1.15 billion, delivering a net profit of $10.9 million
Revenue from oil and gas activities (including gas storage) reached was down on last year, recording $490 million, compared with $571 million for the same period in 2008 as a result of lower oil and gas prices.
Revenue from the company’s electricity and water activities rose by 14% on Q1 performance last year. This was primarily due to the expansion of Taweelah B and revenue from the Red Oak toll acquired in December 2008.
Total assets as at 31 March 2009 were $23.64 billion.
“There is little doubt that the first quarter of 2009 has been a one of the most challenging to-date, for both TAQA and the global economy. However, despite difficult conditions in global energy markets, which have seen the price of oil hit lows of $41.15 per barrel in February 2009, the results I present today are once again a clear endorsement of TAQA’s diversification strategy and proven management team,” explained Peter Barker-Homek, chief executive officer of TAQA.
“They also support our long-term objective of building a distributed asset base in North America, Europe and the Middle East. We remain committed to rigorous and disciplined cost control and to ensure that as production and net capacity increases, so too do efficiencies across the group,” he added.
Barker-Homek added that TAQA remains well positioned for growth in 2009, with no short-term refinancing needs and significant free cash flow to cover existing obligations and fund opportunities for future growth.
