ID :
45226
Thu, 02/12/2009 - 13:34
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https://oananews.org//node/45226
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TAQA profits for 2008 grew by 89% to reach Dh 2 billion
Abu Dhabi, February 12, 2009 (WAM) - Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), reported preliminary financial results for the period ended 31 December 2008.
These are unaudited preliminary results, subject to changes that may be caused from the final determination of certain accounting estimates, a company press release said yesterday.
The company's preliminary profits for the year grew by 89% to reach Dh 2.0 billion in 2008. Preliminary revenues grew by 102% to Dh 16.9 billion, from Dh 8.3 billion in 2007. Total assets grew by 29% to reach Dh 88 billion in 2008. The basic earnings per share grew from 25 fils to 39 fils.
Commenting on the preliminary results, TAQA Chief Executive, Peter Barker-Homek said: "During 2008, TAQA built on the progress we made in 2007, transforming our business into a global integrated energy company. The year was characterised by two key achievements; our ability to deliver financial growth in the context of market disruption and volatility and the execution of select transactions that will be value accretive to our group.
"We completed three financial transactions during the year that totalled US$6 billion, placing us in a very strong financial position to navigate challenging financial times ahead.
The fall in oil and energy prices during the course of 2008 demonstrated the importance of our diversified global operations. Despite the prevailing environment, we have been able to deliver significant growth in top and bottom line.
In seeking to diversify our operational base, we took the opportunity to expand our UK presence with the purchase of select North Sea operations from Shell and Esso - further evidence of our long-term commitment to Europe. We believe that the North Sea offers significant potential for next generation operators like TAQA and aim to extend the productive life and commercial viability of these assets."
These are unaudited preliminary results, subject to changes that may be caused from the final determination of certain accounting estimates, a company press release said yesterday.
The company's preliminary profits for the year grew by 89% to reach Dh 2.0 billion in 2008. Preliminary revenues grew by 102% to Dh 16.9 billion, from Dh 8.3 billion in 2007. Total assets grew by 29% to reach Dh 88 billion in 2008. The basic earnings per share grew from 25 fils to 39 fils.
Commenting on the preliminary results, TAQA Chief Executive, Peter Barker-Homek said: "During 2008, TAQA built on the progress we made in 2007, transforming our business into a global integrated energy company. The year was characterised by two key achievements; our ability to deliver financial growth in the context of market disruption and volatility and the execution of select transactions that will be value accretive to our group.
"We completed three financial transactions during the year that totalled US$6 billion, placing us in a very strong financial position to navigate challenging financial times ahead.
The fall in oil and energy prices during the course of 2008 demonstrated the importance of our diversified global operations. Despite the prevailing environment, we have been able to deliver significant growth in top and bottom line.
In seeking to diversify our operational base, we took the opportunity to expand our UK presence with the purchase of select North Sea operations from Shell and Esso - further evidence of our long-term commitment to Europe. We believe that the North Sea offers significant potential for next generation operators like TAQA and aim to extend the productive life and commercial viability of these assets."
