Shopping spree pays off for Taqa
Abu Dhabi National Energy Company (Taqa) posted a more than six-fold rise in first-quarter profit after adding petroleum business revenue from its C$5 billion (US$4.94 billion) buyout of Canada's Prime West Energy Trust.
Taqa agreed on about $11 billion in acquisitions last year, including its takeover of Prime West.
Taqa, which is 75-percent owned by the Abu Dhabi government, made 397 million dirhams ($108.1 million) in the three months ended 31 March, it said in a statement.
That was up from 64 million dirhams a year earlier.
"The increase reflects the positive impact of the acquisitions," Taqa said.
Its shares soared more than 5% after the earnings were released during trading hours.
PrimeWest contributed about 210 million dirhams to group profit since Taqa completed the acquisition on 16 January, it said.
Revenues from oil and gas activities jumped to 1.9 billion dirhams from 76 million a year earlier, it said.
Revenues from its gas storage business rose to 216 million from 72 million dirhams.
Total quarterly revenue hit 4 billion dirhams, compared with 1 billion dirhams a year earlier.
Taqa also bought BP's Dutch gas operations last year.
The company said this month it planned to sell 4.15 billion dirhams worth of convertible bonds in the next two months.