Abu Dhabi National Energy Company, TAQA, today announced a net profit of AED513 million for the first half of 2014.
The company achieved record oil and gas production, generating almost 158,000 barrels of oil per day (boe/d) during the period, representing a 24 percent increase against the first half of 2013.
TAQA’s production growth and high North American gas prices helped raise it’s underlying revenues to AED11.3 billion, up 29 percent year-on-year, and resulted in the company’s highest ever EBITDA of AED7.9 billion, up 42 percent compared with H1 2013.
As a result of group strategy changes and a re-organisation, which was announced in May 2014, TAQA maintained its existing operating expenditure levels, while achieving higher production, despite an escalating cost environment. General and http://www.businesstoday.me/wp-content/uploads/2022/12/sample10.jpgistrative costs were reduced by 15 percent year-on-year.
TAQA’s net profit was AED513 million, up from a loss of AED66 million in H1 2013, delivering earnings of 9 Fils per share.
Source : WAM News Agency for United Arab Emirates
