In the money: Taqa's net profits soared 113%
Taqa sees profits bonanza
The Abu Dhabi National Energy Company’s (Taqa) net profits climbed 113% to AED 1 billion ($272 million) for the full year to December, 20% of which was generated by upstream activities.
The Abu Dhabi-listed company saw revenues increase from AED 4.8 billion in 2006 to AED 8.3 billion last year, of which AED 1.4 billion came from oil and gas businesses (there is no comparable like-for-like figure in 2006).
Total production hit 7252 million barrels of oil equivalent last year, split between TAQA Energy (2120 million boe) and TAQA North (5132 million boe). The outfit’s total average daily production touched 19,867 boe per day.
TAQA North saw 13 successful completions and a drilling success rate of 92.9% last year.
The results represent significant growth, even though the full impact of TAQA’s purchases last year have yet to be seen, said the company in a statement.
Taqa’s assets grew 31% to AED 68 billion last year compared to AED 52 billion for 2006.