Abu Dhabi National Energy Co (Taqa) has released its financial results for the second quarter ended June 30, 2011, beating the analyst’s forecasts regarding growth and net profit. The firm managed to double its net profit propelled by significant rise in crude rates and oil production in the United Kingdom.
Abu Dhabi National Energy Co., the state-run utility also known as Taqa, has shown strongest ever performance in last few months on the backdrop of robust financial figures posted by the firm. Shares of the company rose as much as 5 percent to trade at 1.44 dirhams at 1:22 p. m. in Abu Dhabi.
Taqa, a National Energy Company in Abu Dhabi recently said that it has secured a $3 billion revolving credit, which it wants to refinance an earlier debt. This facility has been kept in clear field that is to be used for general corporate purpose and soon will replace its existing $3.15 billion revolving credit signed in august 2008.
TAQA made an official declaration on Wednesday that the company would soon restart producing crude oil from Rijn oil field which is located in Holland. This oil production unit in Netherland was shut down long way back to
Abu Dhabi National Energy Co, a state owned company that deals in energy investment, would now focus on strengthening its existing business instead of making more acquisitions to widen its portfolio.
On Wednesday, Abu Dhabi National Energy Co., TAQA told that $1.4 billion capital expenditure program would be its main focus for the year 2010.
On a conference call, Carl Sheldon, the company's General Manager told reporters that the company won't exclude the options of acquisitions this year however any purchases would have to complement existing assets.
TAQA, leading Abu Dhabi-based National Energy Company has recorded disappointing results for the third-quarter. During the reporting quarter, the company has registered a huge dip of 88% in its profit. In a declaration, government-controlled energy producer said that its net income in the said quarter also plunged to Dh90 million from Dh723 million recorded in previous year. Sales went down to Dh3.9 billion from Dh4.5 billion.
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