Taqa soars on bourses over strong financial results

TAQAAbu 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.

Abdulla Saif al-Nuaimi, the Chief Executive Officer of Taqa told, "While the economic environment remains somewhat challenging, the more positive commodity pricing environment resulted in a strong final half to the year."

Taqa, Dana Gas PJSC and some other oil companies made adequate benefit of the rising crude oil prices that rose more than 8 per cent last year. Taqa owns shares in many power generation projects in the Middle East, North America, the North Sea and India.

Net income of the firm rose 937 million dirhams ($255 million) from 182 million dirhams a year, thanks to a number of steps it has taken in order to rationalize its asset portfolio and shave debt.

Nuaimi added that the firm added valuable and complementary transactions during 2010 and harnessed itself with growing opportunities in a bid to derive growth.