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Taqa posts strong Q1 net profits, rising more than 600% to AED 287 mn

Company credits rising commodity prices with strong revenues.

May 13, 2010 9:48 by

Taqa, Abu Dhabi National energy company, posted first quarter net profits of AED 287 million, up 618 percent from the year earlier period, on rising commodity prices, the company said in a statement on the Abu Dhabi stock exchange.

Taqa reported a steep rise in earnings per share to AED 4.7, along with climbing revenues, and a strong cash balance of AED 6 billion, according to the company’s first quarter financials. Consolidated debt at the end of the first quarter stood at AED 63 billion, the company said.

Taqa’s GM said the company’s current oil and gas production is at the “top of its guidance range,” at up to 138,000 barrels per day, Zawya reported.

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